(Bloomberg) -- A senior leader at Rivian Automotive Inc.’s sole factory plans to leave the company, the latest in a wave of executive departures in recent months at the electric-vehicle maker.
Tim Fallon, Rivian’s vice president of manufacturing operations, will pursue a new opportunity outside of the EV maker, Rivian Chief Executive Officer RJ Scaringe said in a message to employees seen by Bloomberg. Separately, Stellantis NV named Fallon as its head of manufacturing in North America as the carmaker looks to bolster its plug-in lineup, effective Sept. 2
“We’ve had different leaders as we approach different levels of scaling our business. We’re positioning the organization structure for the future,” a Rivian spokesperson said in a statement.
Rivian shares fell 1.4% of 2:06 p.m. in New York. The stock had declined about 42% this year through Monday’s close.
Fallon’s departure adds to the more than half a dozen high-level leaders that have left the company in recent months, including at least four C-suite executives. The exits highlight the volatility at the EV startup as it navigates production hurdles and a broader slowdown in demand for plug-in vehicles also afflicting its rivals.
It also comes just a few weeks into the tenure of Rivian’s new chief operations officer, Javier Varela, who previously was COO and deputy chief executive officer at Volvo Cars.
Carlo Materazzo, vice president of supply chain and logistics, will lead Rivian’s manufacturing efforts in the interim, Scaringe said in the message.
(Updates with Rivian statement, shares, additional detail from second paragraph.)
©2024 Bloomberg L.P.
