Rivian's chief financial officer Claire McDonough is resigning at the end of October, the company announced in a regulatory filing Thursday. The official reason? She's 'pursuing a new opportunity and relocating to the East Coast to be closer to her family.' Which, in CFO-speak, translates to: she's taking a job at Massachusetts-based GE Vernova, where the only thing electric is the grid, not the cars. Her LinkedIn confirms the move.
Rivian, in a move that's both reassuring and suspicious, insists her resignation is 'not the result of any disagreement.' They're already hunting for a replacement, with vice president of finance Derek Mulvey stepping in as interim CFO once McDonough clears out her desk.
Her exit couldn't come at a more inconvenient time. Rivian is scaling up production and sales of its R2 SUV, which started shipping to customers this summer. Because nothing says 'we're confident in our future' like your CFO bolting mid-launch.
McDonough took the CFO gig in January 2021, back when Rivian was a private company with big dreams and even bigger cash burn. She replaced Ryan Green during a period that can only be described as 'tumultuous.' The company was juggling three vehicles - the R1T truck, R1S SUV, and a commercial delivery van - all while battling delays, supply chain nightmares, and a voracious appetite for capital.
Her first year was a rollercoaster: Rivian started production on the R1T and raised $12 billion in one of the biggest IPOs of the year. The stock debuted at $78. As of Thursday's close, it's $16.80. That's not a dip; that's a submarine.
McDonough was the money brain behind Rivian's quest to improve its balance sheet, particularly its cost of revenue. Despite having zero automotive experience (her prior gigs were at JP Morgan and Fairway Market), she worked closely with design and engineering teams, plus founder and CEO RJ Scaringe, to ensure future vehicles were both cool and profitable - a novel concept in the EV world, apparently.
She also oversaw corporate and business development, vehicle maintenance and repairs, facilities, and the charging network. Basically, if it cost money, she was on it.
Her crowning achievement was the technology joint venture with Volkswagen Group. 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. Because apparently, German engineering needed a lesson in EV software from an American startup.
In her LinkedIn farewell, McDonough waxed poetic: '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. Being part of taking Rivian from an ambitious vision to a category-defining enterprise has been the highlight of my career.'
Translation: 'It was a wild ride, but I'd rather not be here when the R2's real-world profit margins come to light.' Good luck, Derek Mulvey. You're going to need it.