According to a regulatory filing made on Thursday, Claire McDonough, Rivian’s chief financial officer, will be leaving her position at the electric vehicle manufacturer at the end of October 2024.
California-based Rivian revealed that McDonough is stepping down to become CFO at GE Vernova, a Massachusetts-headquartered energy equipment company. This transition was acknowledged by both GE Vernova and McDonough herself in her LinkedIn post. Rivian attributed her resignation to her desire to “pursue a new opportunity and relocate to the East Coast to be closer to her family” and clarified that her exit was “not the result of any disagreement.”
Transition plans and search for new CFO
Rivian has started looking for a long-term CFO replacement now that McDonough’s departure is set for the end of October. In the meantime, vice president of finance Derek Mulvey will assume the role of interim CFO. The leadership shift coincides with Rivian’s high-profile efforts to scale up production and delivery of its latest R2 SUV, with customer shipments beginning in the summer of 2024.
Strategic influence during pivotal years
When McDonough joined Rivian in January 2021, succeeding Ryan Green, the company was still private and preparing the first launches of its R1T truck, R1S SUV, and a commercial electric delivery van, following significant capital raises. Her arrival came as Rivian contended with rising costs, delays, and supply chain constraints that put pressure on its finances.
Throughout her first year at Rivian, McDonough oversaw two critical milestones: the initial production run of the R1T truck and the execution of one of the biggest IPOs of 2021, which brought in $12 billion. While Rivian’s stock debuted at $78 per share, by Thursday it had fallen to $16.80.
Although McDonough did not come from an automotive background—her earlier career included roles with JP Morgan and Fairway Market—she became deeply engaged across many facets of Rivian’s business. She worked closely with CEO RJ Scaringe and teams in design and engineering to keep costs in check without hindering innovation or appeal in upcoming vehicles. Beyond finance, her oversight extended to corporate development, facilities, charging infrastructure, and vehicle maintenance.
Instrumental in securing Volkswagen partnership
McDonough played a central role in negotiating a technology joint venture that Rivian finalized with Volkswagen Group in November 2024. Under the terms of their agreement, Volkswagen committed to invest as much as $5.8 billion in Rivian by 2027, with the automaker gaining access to Rivian’s in-house developed electrical architecture and software capabilities.
McDonough reflected on her time at Rivian: “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.”
Leadership transition in a phase of expansion
As Rivian advances its manufacturing and sales of both commercial and personal EVs, McDonough’s succession occurs during a critical stage of growth and scaling. The new CFO will be tasked with managing Rivian’s financial strategy as it capitalizes on its key partnership with Volkswagen, balancing continued rapid expansion with the pursuit of long-term profitability in a highly competitive EV landscape.