Tesla’s Chief Financial Officer, Zachary Kirkhorn, is leaving the company after spending 13 years with the electric vehicle and solar panel manufacturer. While Kirkhorn stepped down on Friday, he will remain with Tesla until the end of the year to ensure a smooth transition. This news caused Tesla’s stock to decrease by 2.4% in Monday afternoon trading, along with similar declines for Rivian and Lucid in the electric vehicle industry.
In a regulatory filing on Monday, Tesla announced that Vaibhav Taneja will take on the role of CFO in addition to his current position as chief accounting officer. Kirkhorn, who has been referred to as the “Master of Coin” in his bio on Tesla’s website, became CFO in March 2019, succeeding Deepak Ahuja. He has held various roles within the company since March 2010.
The filing did not provide a reason for Kirkhorn’s departure but acknowledged the significant growth Tesla has experienced during his tenure. Tesla reported a net income of $2.7 billion in Q2 of this year, marking a 20% increase from the previous year. Although the company’s profit margin decreased slightly due to price cuts on vehicles introduced in January to boost sales, Tesla surpassed analyst expectations.
In a LinkedIn post, Kirkhorn expressed his pride in being part of Tesla for over 13 years and did not provide further comment. He has sold more than $6 million worth of Tesla stock this year, either as part of a prearranged trading plan or to fulfill tax obligations.
Vaibhav Taneja, who has been chief accounting officer since March 2019 and controller since May 2018, will now assume the additional role of CFO.
On a separate note, the National Highway Traffic Safety Administration recently initiated its fifth investigation into safety issues with Tesla vehicles. This investigation is part of a larger NHTSA probe into incidents where Tesla vehicles on Autopilot have crashed into parked emergency vehicles responding to other accidents.
Overall, despite Kirkhorn’s departure, Tesla continues to face both challenges and successes in the electric vehicle industry.
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