Rivian CFO resigns as Volkswagen software partnership enters critical phase

Claire McDonough will step down as Rivian’s chief financial officer at the end of October, the electric vehicle maker confirmed in a regulatory filing. She is leaving to join Massachusetts-based energy equipment manufacturer GE Vernova in the same role and to relocate closer to her family on the East Coast.

Rivian stated the departure is not the result of any disagreement and is already searching for a permanent replacement. Derek Mulvey, the vice president of finance, will assume the role of interim CFO in the meantime.

The leadership change arrives at a delicate moment for the American automaker’s relationship with Europe. McDonough played a vital role in architecting a technology joint venture with Volkswagen Group, finalized in November 2024, which sees the German automaker investing up to $5.8 billion by 2027 for access to Rivian’s electrical architecture and software.

Investors will be watching closely to ensure the transition does not disrupt this crucial capital injection or the company's broader push for profitability. Rivian’s shares have struggled since McDonough joined in January 2021, falling from an initial public offering price of $78 to $16.80 at Thursday’s close.

When she was hired to replace Ryan Green, Rivian was still a private company burning through capital while facing severe supply chain constraints and production delays. Despite lacking direct automotive experience, having previously worked at JP Morgan and Fairway Market, she quickly embedded herself in the design and engineering processes.

This cross-functional approach helped the company navigate its tumultuous early public years. During her first year, Rivian successfully began production of the R1T truck and raised $12 billion in one of the most significant initial public offerings of that year.

Her exit also coincides with Rivian scaling up production of its R2 SUV, which began shipping to customers this summer. The company is currently navigating the complex transition from a capital-burning startup to a globally scaled manufacturer.

Reflecting on her tenure, McDonough highlighted the breadth of her responsibilities, which included overseeing corporate development, facilities, and the charging network. “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,” she wrote on LinkedIn.