SAN FRANCISCO, Aug 27 (Reuters) – Rivian’s Chief Financial Officer Claire McDonough has decided to leave the company, the electric vehicle maker said on Thursday, just as the company ramps up rollout of its smaller and more affordable SUVs amid fragile EV demand in the U.S.
McDonough will join GE Vernova later this year and take on the CFO role in early 2027, succeeding retiring Ken Parks, who joined the power equipment maker ahead of its 2024 spin-off from General Electric.
McDonough, a former banker with JPMorgan and Credit Suisse, joined Irvine, California-based Rivian early in 2021 and took the company through its initial public offering.
She played a key role in the launch of Rivian’s flagship R1T pickups and R1S SUVs, while leading cost-cutting and fundraising efforts as the company races to build a new plant, develop self-driving technology and aims to turn profitable.
Her exit comes at a crucial time for Rivian. The company started delivering its lower-priced R2 SUVs in June and raised its annual delivery forecast last month, buoyed by optimism over the vehicles that are seen as critical to the company’s success.
Shares of Rivian were down more than 1% in extended trading.
She will help with the transition and step down at the end of October, Rivian said in a statement, adding that the search for McDonough’s replacement was underway. The company’s vice president of finance, Derek Mulvey, is expected to take over in the interim.
(Reporting by Abhirup Roy in San Francisco; additional reporting by Deborah Sophia and Pranav Mathur in Bengaluru; Editing by Leroy Leo and Vijay Kishore)
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