Rivian (NASDAQ:RIVN) stock is in focus after the electric vehicle (EV) company’s Chief Commercial Officer and president of business growth, Dr. Kjell Gruner, notified the firm of his resignation on July 24 in order to pursue other opportunities. It’s not clear what Gruner plans on doing next.
Gruner’s resignation is effective as of today, July 26, although Gruner will remain with Rivian until Feb. 17, 2025, to help with the transition.
This marks an end to Gruner’s short time at Rivian. He joined the company in September 2023 after a stint at Porsche Cars North America as its president and CEO.
Vice President, Strategy & Go to Market Dagan Mishoulam will assume many of the responsibilities held by Gruner while taking on the role of Senior VP, Commercial.
“Dr. Gruner’s resignation is not the result of any disagreement with the Company on any matters related to its business, policies, or practices,” said Rivian.
RIVN Stock: Rivian’s Chief Commercial Officer and President of Business Growth Steps Down
What makes this announcement even more concerning is that Rivian’s Chief Accounting Officer, Jeffrey Baker, announced his resignation earlier this month as well, effective as of tomorrow, July 27.
Rivian added that his decision was not the result of a disagreement over the company’s financials, operations or practices. Chief Financial Officer Claire McDonough has stepped up as interim CAO while Rivian searches for a replacement.
Before the announcement, Baker reported a sizable insider sale. He sold 31,425 shares at an average per share price of $13.18 on March 11, leaving him with 52,415 shares.
On top of that, a judge ruled earlier this week that Rivian must go to trial over allegations that it has poached employees from Tesla (NASDAQ:TSLA) while encouraging them to share trade secrets. Tesla filed the complaint in 2020 and alleged that Rivian had hired 178 Tesla employees, of which 70 had left Tesla directly for Rivian. Rivian has denied the allegations.
Meanwhile, Rivian is slated to report its second-quarter earnings on Aug. 6 after the market close. Analysts are expecting revenue growth of 0.11% to $1.122 billion and a GAAP EPS loss of $1.40 compared to a loss of $1.27 a year ago.
RIVN stock is up just 0.75% into the green at the time of writing.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
