Rivian Shares Gain on Shake-Up at the Top; New COO and Organizational Shifts -Breaking
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© Reuters Rivian Shares Gain on Shake-Up at the Top; New COO and Organizational ShiftsBy Michael Elkins
Rivian, a maker of electric vehicles (NASDAQ:), saw steady gains on Friday after reports that it had decided to change things at the top.
Bloomberg viewed an internal email that confirmed the resignation of Charly Mowangi, its head for manufacturing. Frank Klein, the chief operations officer of the company, was mentioned as well. He will begin his duties on June 1. Klein is a former employee of the company. Magna International Rod Copes has retired. (NYSE:)
“This is an important time for our growing business, all of which is happening in an extremely challenging environment,” Scaringe wrote. “We are well-positioned for long-term success, but we must continuously evaluate how we operate.”
Reorganizing at the top requires reorganizing operations. In an email, the subject mentioned the possibility of splitting the commercial side (which includes Amazon delivery vans) from the retail company. This would include the production of the R1T plugin pickup truck or R1S sport-utility vehicles.
“Mr. Klein will oversee production, manufacturing engineering and supply chain,” Rivian said in a statement. “As we ramp production towards our 2022 target of 25,000 vehicles, we are confident these changes will strengthen our ability to more efficiently engage new and existing customers, extend our product offerings, and deepen our relationships with commercial partners. We are committed to maximizing the shift to electrified transportation while driving value for our customers and investors.”
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