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Shares of Rivian Automotive (NASDAQ:RIVN) are up 0.73% in pre-market trading on Wednesday after the company announced the departure of several of the automaker’s top executives. The exits follow poor production results where the company missed a critical target of producing 25,000 vehicles in 2022 by about 700. Difficulty in getting components was partly to blame.
Those who left include Randy Frank, vice president of body and interior engineering, and Steve Gawronski, vice president in charge of parts purchasing. A spokeswoman for the company confirmed the moves. The Rivian spokeswoman said the moves were made to ensure the startup has the talent and staff it needs to increase production. The company declined to comment on the individual circumstances of the departures.
“We continue to attract world class talent to our company as our business needs change,” she said.
Frank joined Rivian in 2019 from Ford Motor (NYSE:F). Mr. Gawronski joined in 2018 from the autonomous vehicle startup Zoox.
Rivian last week said that it produced 10,020 units in the fourth quarter and delivered just more than 8,000. Rising interest rates, inflation and supply-chain problems have hammered most automotive stocks in recent months.
