Illustration: Shoshana Gordon/Axios
Rivian shares are climbing this morning on reports of a management shift that includes manufacturing head Charly Mwangi heading for the door, Axios confirms.
Why it matters: Rivian's struggles have been real, and the initial positive market reaction to the change indicates hope springs eternal among shareholders.
What they're saying: Rivian provided the following statement: "Charly Mwangi has made the decision that it’s time for him to move on from Rivian. Charly joined at a key moment in Spring 2020, and he's been an important part of bringing our manufacturing capabilities online. We wish him and his family all the best as he joins the Rivian alumni community.
- "In addition to Charly's departure, yesterday we announced several organizational changes to align Rivian for continued growth," the statement continued. "This includes the restructuring and alignment of our operations team, led by our new Chief Operations Officer, Frank Klein, who will be joining Rivian on June 1. Mr. Klein will oversee production, manufacturing engineering and supply chain.
- "As we ramp production towards our 2022 target of 25,000 vehicles, we are confident these changes will strengthen our ability to more efficiently engage new and existing customers, extend our product offerings, and deepen our relationships with commercial partners. We are committed to maximizing the shift to electrified transportation while driving value for our customers and investors."