Rivian’s chief financial officer Claire McDonough is resigning her position at the end of October, the company announced in a regulatory filing Thursday.
The company said McDonough is stepping down to “pursue a new opportunity and relocate to the East Coast to be closer to her family.” McDonough said in post on her LinkedIn page that she is taking a CFO position at GE Vernova.
Rivian said her resignation is “not the result of any disagreement.” The company is already searching for a replacement, and vice president of finance Derek Mulvey will serve as interim CFO once McDonough leaves her post.
Her departure comes as Rivian takes on some of its biggest projects to date, including scaling up production and sales of its R2 SUV, which started shipping to customers this summer.
McDonough was hired to the CFO spot in January 2021, replacing Ryan Green, at a critical and tumultuous time for Rivian. The EV maker, which was still a private company, had raised billions of dollars in its bid to bring three compelling electric vehicles — its flagship R1T truck and R1S SUV and a commercial delivery van — to market.
Rivian was plagued with delays and added costs, which was compounded by supply chain constraints.
In her first year at Rivian, the company started production of its R1T truck and raised $12 billion in one of the biggest IPOs of the year. The company’s stock, which debuted at $78, has since fallen to $16.80, as of Thursday’s closing.
McDonough was a key figure in the company’s quest to improve its balance sheet, and specifically its cost of revenue. While she didn’t have any direct experience working in automotive — her previous job was at JP Morgan and Fairway Market — McDonough was known for working closely with the design and engineering teams as well as founder and CEO RJ Scaringe to ensure future vehicles were modern and compelling without losing money on every sale, according to insiders who have spoken to TechCrunch in the past.
As CFO, she also played a vital role in a technology joint venture with Volkswagen Group. Under that deal, which was finalized in November 2024, VW agreed to invest up to $5.8 billion into Rivian by 2027 in exchange for access to its electrical architecture and software known-how.
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