Rivian Automotive's (RIVN) CFO departure is not seen as a concern for the company's outlook, UBS Securities said.

The investment firm said in a note Thursday that it is sympathetic to Claire McDonough's desire to be closer to family on the East Coast and to join a larger company, and does not believe her departure speaks to the opportunity at Rivian, even as the company ramps its R2 model and nears a potential inflection point.

UBS said McDonough had grown into the CFO role and built a solid finance bench, and noted that interim CFO Derek Mulvey, who has been at Rivian since 2021, is well regarded and familiar to many investors.

The brokerage said it will look for more clarity on the timing of the permanent CFO appointment and the criteria CEO RJ Scaringe and the board are using in a search that will consider both internal and external candidates.

UBS maintained its neutral rating on the stock, with a price target of $17.