Rivian Appoints New CFO, Claire McDonough

TL;DR

Rivian names Claire McDonough as new CFO starting Aug 5th, $450k base salary + stock.

AI Summary

Rivian Automotive, Inc. announced on July 24, 2024, the appointment of Claire McDonough as Chief Financial Officer, effective August 5, 2024. McDonough previously served as CFO at Samsonite International S.A. and will receive an annual base salary of $450,000, along with stock awards and other compensation.

Why It Matters

The appointment of a new CFO is a significant leadership change that could signal shifts in financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $450,000 — CFO Base Salary (Annual compensation for Claire McDonough)

Key Players & Entities

• Rivian Automotive, Inc. (company) — Registrant
• Claire McDonough (person) — Appointed Chief Financial Officer
• August 5, 2024 (date) — Effective date of CFO appointment
• Samsonite International S.A. (company) — Previous employer of new CFO
• $450,000 (dollar_amount) — Annual base salary for new CFO

FAQ

From the Filing

0001874178-24-000051.txt : 20240726 0001874178-24-000051.hdr.sgml : 20240726 20240726090028 ACCESSION NUMBER: 0001874178-24-000051 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20240724 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240726 DATE AS OF CHANGE: 20240726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Rivian Automotive, Inc. / DE CENTRAL INDEX KEY: 0001874178 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41042 FILM NUMBER: 241143697 BUSINESS ADDRESS: STREET 1: 14600 MYFORD ROAD CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: (888) 748-4261 MAIL ADDRESS: STREET 1: 14600 MYFORD ROAD CITY: IRVINE STATE: CA ZIP: 92618 8-K 1 rivn-20240724.htm 8-K rivn-20240724 0001874178 FALSE Rivian Automotive, Inc. / DE 0001874178 2024-07-24 2024-07-24 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ FORM 8-K ___________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 July 24, 2024 Date of Report (date of earliest event reported) ___________________________________ Rivian Automotive, Inc. (Exact name of registrant as specified in its charter) ___________________________________ Delaware (State or other jurisdiction of incorporation) 001-41042 (Commission File Number) 47-3544981 (IRS Employer Identification Number) 14600 Myford Road Irvine , California 92606 (Address of principal executive offices) (Zip code) ( 888 ) 748-4261 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ___________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Class A common stock, $0.001 par value per share RIVN The Nasdaq Stock Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company     ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐ Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 24, 2024, Dr. Kjell Gruner, Chief Commercial Officer and President, Business Growth of Rivian Automotive, Inc. (the "Company"), notified the Company of his decision to resign to pursue other opportunities. Dr. Gruner’s last day as Chief Commercial Officer and President, Business Growth is July 26, 2024, and he will remain employed by the Company until February 17, 2025 to assist with the transition, as needed. Dagan M