Rivian Automotive shares fell 6.8% in midday trading to $15.66, extending losses from Thursday’s after-hours session and approaching the lower end of the 52-week range between $12.39 and $22.69.
The decline followed the announcement that Chief Financial Officer Claire McDonough will depart on October 30, 2026, to assume the CFO role at GE Vernova. McDonough, who joined Rivian in January 2021, played a central role in the company’s $13.7 billion initial public offering and secured a $5.8 billion investment from Volkswagen tied to Rivian’s electrical architecture. She also oversaw cost-cutting initiatives that reduced quarterly losses during her tenure.
Derek Mulvey, Rivian’s Vice President of Finance and a company veteran since 2021, will serve as interim CFO while the company searches for a permanent successor. Rivian stated the resignation is not due to any disagreement.
The leadership transition coincides with Rivian’s push to scale production and deliveries of the R2 midsize SUV, a vehicle positioned as critical to long-term profitability. Market focus remains on the company’s ongoing cash burn and execution risks tied to the R2 rollout.
The broader market drifted modestly lower in midday trading, with the S&P 500 and Nasdaq under pressure as investors awaited remarks from Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. The decline in Rivian shares appeared company-specific, as peers in the electric vehicle sector largely avoided similar pressure.
