Rivian hires Magna Steyr executive as COO, report says
EV manufacturer Rivian has hired a senior executive from a major auto supplier as its next chief operating officer, according to people familiar with the matter, in a bid to get its struggling manufacturing operations back on track.
Rivian has struggled to ramp up production, citing supply chain constraints such as a shortage of semiconductors. To help solve these production problems, he chose Frank Klein, the head of Magna International Inc.’s automotive manufacturing unit in Canada, said the people, who spoke on condition of anonymity.
A representative for Rivian declined to comment.
Rivian CEO RJ Scaringe told analysts on Thursday that a chief operating officer would be appointed next week, saying the new chief will focus on ramping up the company’s production and supply chain operations. ‘business.
“With our priorities for 2022, we’ve been focused on ensuring we have the right team working for our mission,” Scaringe said on a conference call.
The electric vehicle maker is closely followed and backed by a long list of stellar investors. But it has struggled since a successful IPO in November, as parts shortages and production issues sent the stock plummeting. Rivian has been without a chief operating officer since the start of the year, when Rod Copes stepped down after less than two years on the job.
Klein, who did not respond to a request for comment, has been with Magna Steyr since April 2019, according to his LinkedIn profile.
Since July 2020, he has served as President of Magna Steyr, the company’s contract vehicle manufacturing arm. Before that, he spent 25 years at Daimler AG.
Magna spokeswoman Tracy Fuerst declined to comment.
Rivian plans to build 25,000 vehicles in 2022, including two consumer models and a battery-electric delivery van for investor and customer Amazon, less than half the planned capacity of its plant in Normal, India. Illinois, which the company blamed on supply chain constraints. .