Markets & Business
Rivian's chief financial officer is stepping down
Rivian chief financial officer Claire McDonough is resigning at the end of October to become CFO of Massachusetts-based GE Vernova, the electric-vehicle maker disclosed in a regulatory filing.
Rivian said McDonough is stepping down to “pursue a new opportunity and relocate to the East Coast to be closer to her family.” The energy equipment manufacturer GE Vernova and McDonough’s own LinkedIn post confirmed she has been hired as its CFO. Rivian said her departure is “not the result of any disagreement,” and the company is already searching for a permanent replacement; vice president of finance Derek Mulvey will serve as interim CFO once she leaves.
McDonough joined Rivian as CFO in January 2021, replacing Ryan Green, at a tumultuous time for the still-private EV maker as it worked to bring its R1T truck, R1S SUV and a commercial delivery van to market while battling delays, added costs and supply-chain constraints. In her first year, Rivian began R1T production and raised $12 billion in one of that year’s biggest IPOs. The stock, which debuted at $78, had fallen to $16.80 as of Thursday’s close.
McDonough became a key figure in Rivian’s push to improve its balance sheet and cost of revenue. Despite having no prior automotive experience — she previously worked at JP Morgan and Fairway Market — she worked closely with design and engineering teams and founder and CEO RJ Scaringe. Her responsibilities included corporate and business development, vehicle maintenance and repairs, facilities, and Rivian’s charging network. She also played a central role in Rivian’s technology joint venture with Volkswagen Group, finalized in November 2024, under which VW agreed to invest up to $5.8 billion in Rivian by 2027 in exchange for access to its electrical architecture and software.
Her exit comes as Rivian ramps up some of its biggest projects yet, including scaling production and sales of its R2 SUV, which started shipping to customers this summer. “Being part of taking Rivian from an ambitious vision to a category-defining enterprise has been the highlight of my career,” McDonough wrote on LinkedIn.
Why it matters
Losing the executive who steered Rivian’s finances through its IPO and the Volkswagen tie-up adds leadership uncertainty just as the automaker leans on R2 production to prove it can turn its business around.