Rivian Automotive (RIVN) stock dropped 2.1% in after-hours trading Thursday after the company confirmed CFO Claire McDonough is leaving at the end of October 2026.
McDonough is departing to join GE Vernova as its new CFO, relocating to the East Coast to be closer to her family. She confirmed the move herself in a LinkedIn post.
Rivian said her resignation is “not the result of any disagreement” and that she will remain in her role for the next two months to help with the transition.
Derek Mulvey, Rivian’s VP of Finance, will step in as interim CFO once McDonough exits. Mulvey joined Rivian in 2021 and has worked across financial planning, strategic partnerships, capital allocation, and investor relations. He previously held a VP role at J.P. Morgan.
Rivian has already launched a formal search for a permanent CFO, looking at both internal and external candidates.
McDonough joined Rivian in January 2021, stepping into the CFO seat at a high-pressure moment for the then-private EV startup. She replaced Ryan Green as the company was burning through capital and trying to get three vehicles to market.
In her first year, she helped Rivian pull off one of the biggest IPOs in U.S. history, raising $13.7 billion in November 2021. The stock debuted at $78. As of Thursday’s close, it sat at $16.80.
Beyond the IPO, she worked closely with CEO RJ Scaringe and the engineering teams to keep vehicle costs in check. No small task for a company that was losing money on every car it sold.
She also played a key role in the Volkswagen joint venture, which was finalized in November 2024. Under that deal, VW agreed to invest up to $5.8 billion into Rivian by 2027 in exchange for access to its electrical architecture and software.
Her exit lands at a busy time for the company. Rivian is currently scaling up production and deliveries of its R2 SUV, which started shipping to customers this summer.
CEO RJ Scaringe praised McDonough’s impact, saying she guided the company through its IPO and helped build the financial frameworks the business now runs on. He also expressed confidence in Mulvey taking over in the interim.
RIVN stock was up 2.88% during Thursday’s regular session before the after-hours drop following the CFO news.
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