© Reuters Rivian shares rise on top shock; new COO and organizational shift
Electric-vehicle maker Rivian (NASDAQ: RIVI) rose steadily on Friday following reports that the company has decided to restructure at the top.
An internal email seen by Bloomberg confirmed that the company has decided to part ways with its manufacturing chief Charly Mwangi. It was also mentioned that new COO Frank Klein will take over on June 1. Magna International (NYSE: ), will succeed Rod Copes, who retired last year.
“This is an important time for our growing business, all in an extremely challenging environment,” Scallinger wrote. “We are well positioned for long-term success, but we must constantly evaluate how we operate.”
Restructuring at the top also requires restructuring the business. The email mentions spinning off the commercial business from the retail side of the company that makes the R1T plug-in pickup truck and R1S sport utility vehicle, including delivery vans made for Amazon (NASDAQ: ).
“Mr. Klein will oversee production, manufacturing engineering and supply chain,” Rivian said in a statement. “As we ramp up production to our goal of 25,000 vehicles by 2022, we believe these changes will enhance our ability to more effectively attract new and existing customers, expand our product offering and deepen our relationships with commercial partners. We are committed to Maximize the transition to electrified transportation while creating value for our customers and investors.”