Rivian's finance chief McDonough steps down, joins GE Vernova

SAN FRANCISCO, Aug 27 (Reuters) - Rivian ‌CFO Claire ​McDonough has ​decided to leave the company to join GE Vernova in the same role, just as the electric vehicle maker ramps up ‌rollout of its more affordable SUVs amid fragile EV demand in ⁠the U.S.

McDonough will join GE Vernova later this year and take on the CFO role at ‌the beginning of 2027, succeeding ‌the retiring Ken Parks, the company said.

Parks joined the power equipment maker ahead of its 2024 spin-off from General Electric and helped build its financial ​infrastructure as a standalone public firm.

McDonough, a former banker with JPMorgan and Credit Suisse, joined Irvine, California-based Rivian early in 2021 and took the ⁠company through its initial public offering.

She played a key role in the launch of Rivian's flagship R1T ​pickups and R1S SUVs, while leading cost-cutting and fundraising efforts as the company races to build a new plant, develop self-driving ​technology and aims to turn profitable.

Her exit ‌comes at a crucial time for Rivian. The company started delivering its lower-priced R2 SUVs in June and raised its annual ⁠delivery forecast last month, buoyed by optimism over the vehicles that are seen as critical to the company's success.

Shares of Rivian were down more than 1% in extended ⁠trading.

McDonough will help with the transition and step down at the end of October, Rivian said, ​adding that the search for her replacement was underway. The company's vice president of finance, Derek Mulvey, is expected to take over in the interim.

At GE Vernova, she will ‌be tasked with boosting profitability at a time when rapid AI data center expansion is driving strong demand for gas ‌turbines and grid equipment. The company, however, is seeing widening losses in its wind ⁠energy business amid weak onshore ‌demand and higher project costs.

(Reporting ​by Abhirup Roy in San Francisco and Deborah Sophia in Bengaluru; additional reporting by Pranav Mathur; Editing by Vijay Kishore and ‌Leroy Leo)

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