TLDR
- Rivian CFO Claire McDonough is leaving the company and will join GE Vernova as CFO in early 2027
- McDonough will step down from Rivian at the end of October; VP of Finance Derek Mulvey will serve as interim CFO
- She replaces retiring GE Vernova CFO Ken Parks, who joined ahead of the company’s 2024 spin-off from General Electric
- Rivian stock fell more than 1% in after-hours trading following the announcement
- GE Vernova opened at $912.32 on Monday, trading below both its 50-day ($1,031.82) and 200-day ($975.58) moving averages
Rivian CFO Claire McDonough is leaving the electric vehicle maker to take on the CFO role at GE Vernova in early 2027. The announcement came on Thursday and sent Rivian stock down more than 1% in after-hours trading.
McDonough joined Rivian in early 2021 and guided the company through its IPO. Before Rivian, she worked as a banker at JPMorgan and Credit Suisse.
She played a key role in launching the R1T pickup and R1S SUV. She also led cost-cutting and fundraising efforts as the company worked to build a new factory and develop self-driving technology.
McDonough will step down from Rivian at the end of October. The company said it is already searching for her replacement, and VP of Finance Derek Mulvey will serve as interim CFO in the meantime.
A Critical Moment for Rivian
The timing is notable. Rivian only recently started delivering its lower-priced R2 SUVs in June, a model seen as critical to the company’s path to profitability. The company also raised its full-year delivery forecast last month.
Losing a CFO during a product launch and delivery ramp is never ideal. But Rivian’s transition plan and the ongoing search for a permanent replacement signal the company wants to keep things stable.
At GE Vernova, McDonough steps into a company facing its own pressures. GEV opened at $912.32 on Monday, sitting well below its 50-day moving average of $1,031.82 and its 200-day moving average of $975.58.
GE Vernova Under the Microscope
GE Vernova missed earnings in its most recent quarter, reporting EPS of $2.47 against a consensus estimate of $3.17. Revenue came in at $11.10 billion, ahead of the $10.79 billion estimate, and was up 21.9% year over year.
The stock has a 52-week range of $530.16 to $1,195.94. The company has a market cap of $242.98 billion and a PE ratio of 26.11.
Morgan Stanley downgraded GEV from overweight to underweight in early August. Guggenheim, however, raised its price target from $1,300 to $1,450 and kept a buy rating. The consensus among analysts sits at “Moderate Buy” with an average price target of $1,133.15.
Wellington Management trimmed its GEV position by 45.2% in the second quarter, selling 316,757 shares and leaving it with 383,942 shares worth around $451 million.
On the positive side, GE Vernova recently announced a joint venture with South Korea’s LS Electric for HVDC projects and secured a substation contract in England as part of the National Grid’s Great Grid Upgrade.
McDonough is expected to formally take over as GE Vernova CFO in early 2027, succeeding Ken Parks, who joined ahead of the company’s 2024 General Electric spin-off.
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