RIVN - Rivian names Javier Varela its new chief operations officer

2024-05-03 12:20:24 ET

Rivian Automotive Inc (NASDAQ: RIVN) is in focus today after it named Javier Varela is new chief operations officer.

Who is Javier Varela?

Varela will replace Frank Klein at the electric vehicles company who’s quitting after two years in that role. He has most recently served in a similar role at Volvo Cars.

The 59-year-old executive expressed admiration for Rivian’s “commitment to pushing the industry forward with technologically advanced, highly innovative vehicles” in a press release on Friday.

Note that Varela will assume the role of COO at the EV firm in August.

The news arrives only days before Rivian Automotive is scheduled to report its financial results for the second quarter. Consensus is for it to lose $1.38 a share versus $1.25 per share a year ago.

Varela will oversee the launch of R2

Varela will report directly to RJ Scaringe – the chief executive of Rivian Automotive Inc.

The Nasdaq-listed firm named a new chief operations officer at a time when it’s preparing to launch an affordable EV for the mass market. Javier Varela also said on Friday:

I’m looking forward to helping the company scale and continue to innovate as it rolls out R2 and its next generation of vehicles.

In April, lowered the price of its flagship F-150 Lightning by up to $5,500 to boost demand as Invezz reported here . Wall Street currently has a consensus “overweight” rating on Rivian stock that’s down over 50% for the year at writing.

The post Rivian names Javier Varela its new chief operations officer appeared first on Invezz