Geoffrey Smith 

Investing.com — Rivian (NASDAQ:) stock rallied in early trading Friday, extending Thursday’s gains on news of a shake-up in its top management.

Bloomberg reported that Charly Mwangi is leaving the company to become a manufacturing chief for electric vehicles. The manufacturer has lost more than 50% since last November’s sixth largest IPO in U.S. History.

It also stated that responsibility for passenger and commercial vehicles would be divided between two executive officers in the future.

By 10:00 AM ET Rivian Automotive Stock was at its highest level in three weeks, up 7.7% 

There was no official confirmation of the news on Rivian’s website initially. However, the company did recently announce the appointment of Magna’s Frank Klein to be chief operating officer, succeeding Rod Copes, who retired last year.

Rivian has only produced 2,500 cars in the first quarter this year, and is still very much at its early stages of production. Having made its market debut last year, the stock has struggled in 2022 along with many other ‘profitless tech’ companies as the rising trend in interest rates has forced investors to factor in higher capital costs.

The stock, which was the sixth largest IPO in U.S history, has seen a drop of more than half its original price of $78 per share. According to reports, early backers Ford and Amazon (NASDAQ:), have reduced their exposure to the company.