Rivian CFO Claire McDonough to Join GE Vernova as R2 Scales
Rivian CFO Claire McDonough will leave in October for GE Vernova, as Derek Mulvey steps in and the EV maker scales R2 production after summer deliveries.
Summary
On August 27, 2026, Rivian disclosed that CFO Claire McDonough will resign at the end of October to become CFO of Massachusetts based GE Vernova and move East to be closer to family. Rivian said no disagreement prompted her departure. Vice president of finance Derek Mulvey will serve as interim CFO while Rivian searches for a permanent successor, as it scales production and sales of the R2 SUV, which began customer deliveries in summer 2026.
McDonough joined Rivian in January 2021, replacing Ryan Green after roles at JP Morgan and Fairway Market, despite lacking automotive experience. Rivian had raised billions privately but faced launch delays, added costs, supply constraints and heavy capital burn. During her first year, it began R1T truck production and raised $12 billion in a major IPO. Shares debuted at $78 but closed Thursday at $16.80. Working with founder and CEO RJ Scaringe, design and engineering teams, McDonough focused on revenue costs while overseeing corporate and business development, vehicle maintenance and repairs, facilities and charging. She helped launch the R1T, R1S SUV and commercial delivery van, and finalize a November 2024 Volkswagen Group joint venture offering Rivian up to $5.8 billion by 2027 in exchange for access to its electrical architecture and software.
Positives
- R2 SUV deliveries began in summer 2026, advancing Rivian’s push toward higher production, global scale and profitability.
- Derek Mulvey will provide financial leadership as interim CFO while Rivian conducts its permanent replacement search.
- Volkswagen Group agreed to invest up to $5.8 billion by 2027 for access to Rivian’s electrical architecture and software.
- Rivian raised $12 billion in its 2021 IPO after beginning production of the R1T truck.
- McDonough helped launch the R1T, R1S and commercial delivery van while targeting lower revenue costs.
Risks & concerns
- Rivian shares closed Thursday at $16.80, down sharply from their $78 IPO price.
- McDonough is leaving as Rivian tackles the costly production and sales expansion of its R2 SUV.
- Rivian has not named a permanent CFO, leaving Derek Mulvey in the role on an interim basis.
- Launch delays, added costs, supply constraints and heavy capital consumption have strained Rivian’s finances.
- The Volkswagen investment depends on a joint venture extending through 2027, leaving execution milestones ahead.