Key Highlights Claire McDonough, Rivian’s CFO, is departing to become GE Vernova’s chief financial officer in early 2027 McDonough’s last day at Rivian will be October 31; Derek Mulvey, VP of
Electric vehicle manufacturer Rivian is losing its CFO Claire McDonough, who announced Thursday she will transition to the same role at GE Vernova beginning in early 2027. Following the news, Rivian shares dropped more than 1% in extended trading hours.
McDonough came aboard at Rivian in early 2021 and shepherded the company through its public debut. Her previous experience includes banking roles at JPMorgan and Credit Suisse.
During her tenure, she was instrumental in bringing the R1T truck and R1S SUV to market. McDonough also spearheaded initiatives to reduce expenses and secure capital as Rivian pursued construction of an additional manufacturing facility and advanced autonomous driving capabilities.
McDonough’s final day at Rivian is scheduled for late October. The automaker has initiated a search for her successor, with Derek Mulvey, currently VP of Finance, taking over on an interim basis.
The departure comes at a crucial juncture. Rivian just began shipping its more affordable R2 SUV in June, a vehicle widely viewed as essential to achieving sustained profitability. The automaker also upgraded its annual delivery projections last month.
Parting ways with a chief financial officer amid a new product rollout and production acceleration isn’t optimal timing. However, Rivian’s succession planning and active recruitment for a permanent CFO suggest management’s commitment to continuity.
Meanwhile, McDonough inherits challenges at GE Vernova. The stock opened Monday at $912.32, trading significantly under both its 50-day moving average of $1,031.82 and 200-day moving average of $975.58.
GE Vernova fell short of earnings expectations in its latest quarterly report, posting EPS of $2.47 versus analyst projections of $3.17. The company’s revenue reached $11.10 billion, surpassing the anticipated $10.79 billion and representing a 21.9% year-over-year increase.
The equity trades within a 52-week bandwidth of $530.16 to $1,195.94. GE Vernova carries a market capitalization of $242.98 billion with a price-to-earnings ratio of 26.11.
Earlier in August, Morgan Stanley cut its rating on GEV from overweight to underweight. Conversely, Guggenheim elevated its price objective from $1,300 to $1,450 while maintaining a buy recommendation. The analyst community’s overall stance is “Moderate Buy” with a mean price target of $1,133.15.
Wellington Management reduced its GEV holdings by 45.2% during Q2, divesting 316,757 shares and retaining 383,942 shares valued at approximately $451 million.
On a more optimistic note, GE Vernova recently unveiled a collaborative venture with South Korea’s LS Electric focused on HVDC infrastructure and won a substation project in England supporting the National Grid’s Great Grid Upgrade initiative.
McDonough is slated to officially assume the CFO position at GE Vernova in early 2027, replacing Ken Parks, who came on board prior to the company’s 2024 separation from General Electric.
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