A Rivian R1S electric vehicle driving in the desert. Image credit: Jeff Johnson, Rivian
Rivian, the auto company that is electrifying off-road and heavy-duty vehicles, is about to enter a transformative phase and it has found the new Chief Finacial Officer to ensure it succeeds. The electric vehicle (EV) maker has announced that Claire McDonough, will take over the top finacial role from Ryan Green, who has served as Rivians CFO since 2018. Green will stay with the company in a yet to be announced leadership role.
McDonough’s background is a departure from Green’s deep financial experience in the vehicle industry, as she brings a wealth of experience from her time as a Wall Street executive. Prior to accepting the CFO position at Rivian, McDonough spent the last 6 years at JPMorgan, where she most recently served as a Managing Director and co-led the Disruptive Commerce group. She also did a stint as the VP and Treasurer of Fairway Market after leaving her job as a VP in Credit Suisse’s Retail & Consumer Products division.
Her time at JPMorgan and Credit Suisse will be of great help in her new role, as this year Rivian will begin production and delivery of its R1S and R1T electric vehicles as well as the 100,000 electric delivery vans that Amazon ordered in 2019. This milestone will mark the company’s transformation from an ambitious EV startup into a customer-focused, revenue-generating enterprise.
With quite the year ahead of her, McDonough has a wealth of new funding to help her get the job done as the company also announced that it has closed a $2.65 billion investment round. Rivian Founder and CEO RJ Scaringe, who called 2021 a critical year for the company, said the new funding will help the company remain focused on the vehicle launches while simultaneously scaling the business for its next stage of growth.
The new funds bring the company’s valuation to $27.6 billion, building upon the $2.5 billion the company raised in July 2020 and the $2.85 billion it raised throughout 2019.
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