After 13 years with the electric vehicle and solar panel manufacturer, Tesla Chief Financial Officer Zachary Kirkhorn is leaving.
Kirkhorn resigned on Friday but will continue to work for Tesla until the end of the year to “support a seamless transition,” according to the Austin, Texas-based firm.
Tesla Inc. shares fell 2.4% in afternoon trading on Monday, part of a broader sell-off in the electric vehicle sector. Rivian dropped 4.6% while Lucid dropped 4.5%.
According to a regulatory filing on Monday, Vaibhav Taneja was named CFO in addition to his current post as chief accounting officer.
Kirkhorn, dubbed “the Master of Coin” in the company’s description, has been CFO at Tesla since March 2019, following Deepak Ahuja.
Tesla recorded a net income of $2.7 billion in the second quarter of this year, a 20% increase over the same period last year. While its profit margin dipped slightly more than 1% as a result of vehicle price cuts implemented in January to promote sales despite increased competition, the company nevertheless managed to above analyst estimates.
“Being a part of this company is a special experience, and I’m extremely proud of the work we’ve done together since I joined over 13 years ago,” Kirkhorn wrote on Monday in a LinkedIn post. He did not respond to a message requesting clarification.
“Being a part of this company is a special experience, and I’m extremely proud of the work we’ve done together since I joined over 13 years ago,” Kirkhorn wrote on Monday in a LinkedIn post. He did not respond to a message requesting clarification.
According to corporate filings with the Securities and Exchange Commission, Kirkhorn has sold more than $6 million in Tesla stock this year, either as part of a prearranged trading plan or to fulfill tax obligations on vesting stock options.
Taneja, 45, has been the chief accounting officer since March of this year, and the controller since May of last.
