Rivian Director Jay Flatley buys 40,000 shares on the company for $1.17M

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

Rivian Automotive Director Jay Flatley filed a SEC form on Tuesday reporting a 40,000 shares buy for $1,172,400 at an average price of $29.31 per share owning now a total of 92,616 shares. According to SEC form filed on May 16, also Rivian’s CEO Robert Scaringe added 41,000 shares for $1.05 million, at an average price of $25.77 per share. Scaringe owns now a total of 169,175 shares directly, 4,337,997 through a trust and 4,595 by LLC.

According to Rivian, Flatley has served as a member of company’s board of directors since May 2021. Flatley served as Chairman of the board of directors of Illumina, Inc., a public company focused on sequencing and array-based solutions for genetic analysis, from January 2020 to May 2021, after previously serving as Executive Chairman from July 2016 to January 2020, as Chief Executive Officer from December 2013 to July 2016 and as the President and Chief Executive Officer from October 1999 to December 2013.

Prior to that, Mr. Flatley was co-founder, President, Chief Executive Officer, and a director of Molecular Dynamics, a life sciences company focused on genetic discovery and analysis, from July 1994 until its sale to Amersham Pharmacia Biotech in September 1998.

The company announced that its CEO will participate in Bernstein’s 38th Annual Strategic Decisions Conference on Thursday, June 2 at 3:30 pm EST. A live webcast of Scaringe’s participation will be available here.

Scaringe will advance with a reorganization in the company management to “keep pace with projected growth plans”, Bloomberg reported on Friday. Rivian‘s Executive Vice President, Charly Mwangi, that entered the U.S. electric vehicle maker in May 2020 is now departing the company. In addition, Rivian will split the leadership of commercial and retail arms.

Earlier this week, RJ Scaringe participated in the 7th Annual Morgan Stanley Sustainable Futures Conference in New York City.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter