Rivian CFO exits for GE Vernova as EV maker faces costly ramp

TheStreet·29 Aug 2026·

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Management Automobiles

RIVN ▼

GEV ▲

Summary · why it matters

Rivian Automotive's chief financial officer, Claire McDonough, will step down on October 30 to become CFO of GE Vernova, a move that sent Rivian shares down 6% as the EV maker navigates its most capital-intensive period. McDonough, who spent nearly six years at Rivian, will join GE Vernova in November as a strategic advisor before formally taking the CFO role on January 1, succeeding Kenneth Parks. Rivian's vice president of finance, Derek Mulvey, will serve as interim CFO while the company searches for a permanent replacement. The departure comes as Rivian ramps production of its R2 SUV, builds a second factory in Georgia, and manages a net loss of $833 million and negative free cash flow of $849 million in the second quarter, with $5.3 billion in cash and short-term investments. McDonough helped negotiate Rivian's technology joint venture with Volkswagen, under which VW agreed to invest up to $5.8 billion, and the company has raised its 2026 delivery guidance to 65,000 to 70,000 vehicles. GE Vernova, spun off from General Electric in 2024, has an order backlog of $176 billion, benefiting from the AI infrastructure buildout.

Rivian Automotive Inc ▼

GE Vernova LLC ▲