Jeff Baker has been with Rivian since May 2021 but effective July 27, 2024, he will resign from his role at Rivian. Rivian clarified that the resignation was not a result of any disagreement with the company on any matters related to its financial reporting, operations, policies, or practices.
Notably, Baker reported an insider sale earlier this year when on March 11 he sold 31,425 shares at an average price of $13.18 per share. In total, the sale was worth $414,219. Rivian stock insiders have sold $2.5m of shares during the past year with zero buys.
In the meantime, while Rivian looks for someone to take over Baker’s role, CFO Claire McDonough will step in and play the role of interim CAO. McDonough has been with Rivian since January 2021 and came from JPMorgan Chase.