Rivian Automotive (RIVN) shares dropped 2.1% in after-hours trading on Thursday after the electric vehicle maker confirmed that Chief Financial Officer Claire McDonough is leaving the company, with her final day set for October 30, 2026.

McDonough is departing to become CFO of GE Vernova, the energy company spun off from General Electric in April 2024 whose businesses span gas turbines, wind turbines, and electrical grid equipment. The move will see her relocate to the East Coast to be closer to her family, a change she confirmed herself in a post on LinkedIn.

Rivian stated that her resignation is "not the result of any disagreement" and that she will remain in her role over the next two months to help with the transition. Derek Mulvey, Rivian's Vice President 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. Prior to Rivian, he held a VP role at J.P. Morgan.

Rivian has already launched a formal search for a permanent successor, considering both internal and external candidates for the role. CFO changes draw close attention at capital-intensive EV makers, where the finance chief is responsible for pacing multi-billion-dollar spending on factories, vehicles, and software — at Rivian, that brief has included the IPO, the Volkswagen joint venture, and ongoing vehicle-cost work.

McDonough's Tenure at Rivian

McDonough joined Rivian in January 2021, taking the CFO seat at a high-pressure moment for the then-private EV startup. She succeeded Ryan Green at a time when the company was burning through capital and working to bring three vehicles to market: the R1T pickup, the R1S SUV, and an electric delivery van built for Amazon, one of Rivian's earliest major investors, which had placed an initial order of 100,000 of the commercial vehicles.

In her first year on the job, 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 per share. As of Thursday's close, it sat at $16.80.

Beyond the IPO, McDonough 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 the terms of that deal, Volkswagen agreed to invest up to $5.8 billion into Rivian by 2027 in exchange for access to its electrical architecture and software.

What Comes Next for Rivian

Her exit lands at a busy time for the company. Rivian is currently scaling up production and deliveries of its R2 SUV, which began shipping to customers this summer as the automaker broadens its lineup beyond the R1T pickup and R1S SUV. The incoming finance chief will take over while the R2 ramp is still scaling and while the remaining Volkswagen funding windows run through 2027.

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 as he takes over in the interim.

RIVN stock had gained 2.88% during Thursday's regular session before the after-hours slide that followed the CFO news.