Ford executive Alexandra Ford English left the Rivian board in May, according to documents Rivian made public on October 1 ahead of its planned initial public offering.
see photosFord executives have repeatedly emphasized that the company’s relationship with Rivian is strategic.
Ford Motor Co., which has repeatedly touted its strategic relationship with electric vehicle maker Rivian, now has no representatives on the startup’s board of directors before going public. While an announcement was never made, Ford executive Alexandra Ford English left the Rivian board in May, according to documents Rivian made public on October 1, ahead of its planned initial public offering. Ford vice president Doug Power replaced English in June and left the board in September.
“Rivian is a strategic investment and we are still exploring ways of possible collaboration with them. We have nothing to announce today,” Ford spokesman Ian Thibodeau said on Wednesday.
Ford, which holds more than a 5% stake in Rivian according to a filing with the US Securities and Exchange Commission, had a seat on the Rivian board when it was a private company, but would not continue as Rivian went public, said Thibodeau. he said .
English, the daughter of Ford’s executive chairman Bill Ford, joined Rivian’s board in May 2020, replacing Joe Heinrichs after leaving Ford. At the time English was added, Rivian chief executive RJ Scaringe cited his passion for mobility and electrification, as well as his connection to the company’s long family role in transportation.
Rivian declined to comment on Wednesday beyond documents it filed with US regulators, citing the quiet period before its IPO. “Following this offering, none of our shareholders will have any contractual right to elect or nominate members of our board of directors,” Rivian said in an SEC filing.
When Ford said in March that English would join Ford’s board, its press release identified her as the No. 2 US automaker’s representative on Rivian’s board. A spokeswoman said she was officially elected to Ford’s board in May and that her exit from Rivian’s board was in anticipation of that.
According to SEC filings, Ford has invested more than $820 million in Rivian in two fundraising rounds.
Ford executives have repeatedly emphasized that the company’s relationship with Rivian is strategic, but in April 2020 Ford’s Lincoln division scrapped plans to build EVs with Rivian to save money during the pandemic .
According to SEC filings, Ford has invested more than $820 million in Rivian in two fundraising rounds. The filing did not include information on the latest $2.5 billion funding round announced in July that also involved Ford.
Amazon.com and Cox Automotive, in which Rivian also holds more than 5%, still have board representatives.
In May, Ford’s chief product platform and operations officer Hou Thai-Tang called Rivian a strategic partner and said Ford was still looking to use Rivian’s products.
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In a February conference call with analysts, Ford CEO Jim Farley said, “We love what RJ is doing at Rivian. It’s a strategic investment. It’s not a transactional investment.” We will keep you updated, but this is a very fundamental condition.”
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