GE Vernova lands Rivian’s CFO, leaving EV maker to find successor

Good morning.

GE Vernova is hiring a CFO who helped take Rivian public in the biggest U.S.

IPO of 2021, putting Claire McDonough at the center of the EV maker’s shift from a closely held startup to a company answering to public-market investors.

Her move brings that experience to the energy tech company and puts new attention on the finance team she leaves behind at Rivian.

McDonough will join GE Vernova in November and become CFO on Jan.

1, succeeding Kenneth Parks, who is retiring.

Derek Mulvey, Rivian’s VP of finance, is expected to serve as interim CFO after McDonough leaves.

Rivian shares fell more than 6% intraday Friday after the announcement, while GE Vernova shares declined about 3%.

Investors and analysts pointed to Rivian’s lack of a clear long-term successor as one factor weighing on its shares.

Cullen Rogers, portfolio manager of the Wedbush ReturnOnLeadership U.S.

Large-Cap ETF, told me Rivian’s leadership pipeline helps explain the sharper reaction.

“Markets don’t just react to who’s leaving; they react to how visible the succession plan is,” Rogers said.

GE Vernova’s announcement offers a clearer handoff, with Parks staying on as an advisor after McDonough arrives.

Rivian has yet to name a permanent successor.