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.
McDonough joined Rivian as CFO in January 2021, months before its $13.7 billion IPO that November. She also helped negotiate Rivian’s technology joint venture with Volkswagen, which agreed to invest up to $5.8 billion.
Rogers said that experience should translate to GE Vernova. “That’s a transferable skill set, not a personal one,” he said.
At Rivian, McDonough’s departure will test whether the EV maker has built a finance team that can carry on without her. “The next two quarters are the real test that will tell whether strong leadership was distributed across the team or concentrated in one office,” Rogers said.
Morningstar senior equity analyst Seth Goldstein expects Rivian to stay on its current financial course. The company is working toward profitability and positive free cash flow as it ramps up production of its lower-priced electric SUV, he said. Its finance team will also manage Rivian’s cash and may raise more capital if needed. Morningstar has raised its fair value estimate for Rivian to $22 a share from $20.
Goldstein expects Rivian’s capital allocation strategy to remain unchanged and points to its profitability guidance and timeline for reaching positive operating cash flow as key measures.
McDonough also leaves Rivian with a record of cost discipline. “During her time at Rivian, McDonough proved to be a finance leader with a focus on cost discipline,” Goldstein said. “I view this as an asset at any company.”
Sheryl [email protected]
This story was originally featured on Fortune.com
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