Claire McDonough, who joined Rivian in January 2021, will step down as CFO on October 30 to become the CFO of GE Vernova. The company stated that her departure is not due to any disagreement and is partly motivated by a desire to relocate to the East Coast to be closer to family.
McDonough's tenure included leading the company through its $13.7 billion IPO in November 2021 and structuring the $5.8 billion joint venture with Volkswagen Group finalized in November 2024. Rivian's stock has declined more than 75% from its IPO price of $78, currently trading near $17.
Derek Mulvey, VP of Finance and a former J.P. Morgan employee who joined Rivian in 2021, will serve as interim CFO starting October 30. Rivian is currently conducting a comprehensive search for a permanent replacement, considering both internal and external candidates.
The transition occurs as Rivian scales production of the R2 SUV at its Normal, Illinois plant, with deliveries having started in June. The R2 is priced from $57,990, with a RWD version priced at $45,000 expected later.
To fund the R2 launch, Rivian launched a 75-million-share offering in July to raise approximately $1.5 billion. Q2 2026 earnings reported a 27% increase in revenue and improving gross margins.
