Rivian (NASDAQ:RIVN) has experienced an exodus of its top executives in the past few months, adding to the challenges that the electric vehicle (EV) maker has been facing. The news of the departure was confirmed by a Rivian spokesperson.
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Among the executives who left are Randy Frank, vice president of body and interior engineering, and Steve Gawronski, the vice president of parts purchasing. Patrick Hunt, a senior director of strategy, also left Rivian late last year after more than seven years in the company.
The reasons for the resignations of such long-tenured employees were not clear. Nonetheless, the departures were additional blows to the company, which struggled with supply constraints and failed to meet 2022 production goals.
However, Rivian, which stays committed to ensuring enough talent to fulfill its EV dreams, made several key hires last year as well. Early in 2022, Tim Fallon joined the company as the head of Rivian’s factory in Normal, Illinois. Also, Rivian hired Frank Klein as the Chief Operating Officer. Notably, the company is making key changes to reorganize its supply chain management under the leadership of Klein. This is expected to improve operational efficiencies.
The changes at the top of Rivian may be part of the company’s aim to accelerate its journey to become one of the world’s largest automakers.
Is RIVN Stock a Buy?
Wall Street is cautiously optimistic about Rivian, with a Moderate Buy based on 12 Buys, five Holds, and three Sells. The average price target of $37.89 indicates that the price may increase by 130.33% over the course of the next 12 months.
