Rivian Shares Gain on Shake-Up at the Top; New COO and Organizational Shifts By Financial Eye

© Financial Eye Rivian Shares Gain on Shake-Up at the Top; New COO and Organizational Shifts

By Michael Elkins

Electric vehicle maker Rivian (NASDAQ:) saw steady gains Friday following reports that the company decided to shake things up at the top.

It was confirmed in an internal email, viewed , that the company has decided to part ways with its head of manufacturing, Charly Mwangi. It was also mentioned that new chief operations officer, Frank Klein, will start on June 1. Klein, a former Magna International (NYSE:), will succeed Rod Copes, who retired last year.

“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.”

The reorganization at the top also calls for a reorganization of operations. The email mentioned splitting the commercial business, which includes delivery vans made for Amazon (NASDAQ:), from the retail side of the company that produces the R1T plug-in pickup truck and R1S sport-utility vehicle.

“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.”

Source: Investopedia