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 has been hired as CFO at Massachusetts-based GE Vernova, according to the energy equipment manufacturer and her own post on LinkedIn.
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. It was also burning through capital.
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 — she held previous positions 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. Among her many responsibilities, McDonough led Rivian’s corporate and business development as well as a variety of other aspects of the business, including vehicle maintenance and repairs, facilities, and its charging network.
As CFO, she 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 know-how.
“Together, we launched the R1T, R1S, and our commercial van, drove technology innovation and partnerships, built our go-to-market operations, and positioned the company for global scale and profitability with the launch of R2,” McDonough wrote in a post on LinkedIn. “Being part of taking Rivian from an ambitious vision to a category-defining enterprise has been the highlight of my career.”
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Sean O’Kane is a reporter who has spent a decade covering the rapidly-evolving business and technology of the transportation industry, including Tesla and the many startups chasing Elon Musk. Most recently, he was a reporter at Bloomberg News where he helped break stories about some of the most notorious EV SPAC flops. He previously worked at The Verge, where he also covered consumer technology, hosted many short- and long-form videos, performed product and editorial photography, and once nearly passed out in a Red Bull Air Race plane.
You can contact or verify outreach from Sean by emailing [email protected] or via encrypted message at okane.01 on Signal.
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Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.
You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.
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Source: Techcrunch
