Rivian Automotive hires electric mobility veteran as its new COO

Rivian Automotive Inc.
RIVN,
-4.02%

said Monday it has hired electric mobility manufacturing veteran Frank Klein as its chief operations officer, effective June 1. The electric vehicle maker’s stock dropped 2.2% toward a record low in premarket trading. Klein replaces Rod Copes, who announced his retirement last year. Rivian said Klein was most recently president of Magna Steyr, an Austria-based subsidiary of Canada-based Magna International Inc.
MGA,
0.91%

MG,
-2.58%
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where he oversaw the contract manufacturer’s shift to electric mobility manufacturing, which included producing the company’s first electric vehicle. At Rivian, Klein will lead operations processes and the scaling of vehicle production. Rivian’s stock has plunged 67.5% over the past three months through Friday, while the S&P 500
SPX,
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has slipped 9.3%.