Rivian sees stock slide after earlier news of chief executive’s departure – Orange County Register
By Ed Ludlow | Bloomberg
The CEO of Irvine-based Rivian Automotive has stepped down, prolonging a tumultuous time for the electric vehicle maker.
Rod Copes, who has held the title since March 2020, left last month, according to his LinkedIn profile.
The company said in a statement that it “initiated a phased retirement with Rivian a few months ago, demonstrating the continuity of the team as we move into production.” His duties have been distributed across the entire leadership team, the company said Monday.
The fast-growing truck maker, which in November completed its biggest initial public offering of the year, has recently hit a rough patch, saying in December it would drop ” several hundred vehicles” against a production target of 1,200 units for the year. Shares fell last week after Amazon.com Inc., a major investor and customer, said it would buy electric delivery trucks from Stellantis NV.
Rivian said in a regulatory filing Monday that it produced 1,015 vehicles last year and delivered 920.
Shares, which fell 5% on Monday, corrected some of Tuesday’s losses, rising 2.5% to $83.55, rising above its IPO price of $78. As of the end of Monday, Rivian’s stock is down 21% this year.
https://www.ocregister.com/2022/01/11/rivian-sees-stock-slide-reverse-after-earlier-news-of-operating-chief-departure/ Rivian sees stock slide after earlier news of chief executive’s departure – Orange County Register
