The world’s most valuable automaker said Tesla Chief Financial Officer Zachary Kirkhorn was stepping down after four years and appointed accounting chief Vaibhav Taneja to replace him, sending shares down more than 3% on Monday.
The Elon Musk-led company did not specify why Kirkhorn, who had been with Tesla for 13 years, was leaving. He will remain with the company through the end of the year to help with the transition.
During his tenure, Tesla posted its first quarterly profit since launching its mass-market Model 3 compact sedan and achieving a market valuation of more than $1 trillion (nearly Rs 8,278,000 crore).
Musk made a surprise disclosure of Kirkhorn’s 2019 appointment and the exit of his predecessor, Deepak Ahuja, near the end of a conference call with analysts discussing the company’s quarterly results.
“Being part of this company has been a special experience, and I’m very proud of the work we’ve done together since joining 13 years ago,” Kirkhorn said on LinkedIn. postal.
When we reached out to Kirkhorn on LinkedIn, he did not immediately respond to inquiries.
Manager Gene Munster said: “He’s going to be there until the end of the year, which proves it’s just for personal reasons, and personal reasons are likely to be working very well with Elon Musk. Difficult, and he’s been doing it for 13 years.” Deepwater Asset Management Partner.
Taneja, 45, joined Tesla after it acquired SolarCity in 2016. He also assumed the role, a so-called “master of the currency” position, in addition to his role as chief accounting officer, the automaker said.
The Austin, Texas-based automaker has lowered vehicle prices this year, a move that prioritizes sales growth and market share and squeezes its industry-leading profit margins.
Tesla also hinted at further price cuts during what Musk called “turbulent times” as rising borrowing costs weigh on the electric carmaker’s sales.
Outgoing Chief Financial Officer Kirk Horn was also considered as a possible successor to Musk earlier this year amid growing investor concern over the lack of a clear succession plan, The Wall Street Journal reported.
Musk currently leads SpaceX, Neuralink, The Boring Company, and serves as CTO of social media platform X (formerly known as Twitter).
© Thomson Reuters 2023
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