Tesla replaces CFO as Kirkhorn ends 13 years at the EV maker

afr.com:

Tesla chief financial officer Zachary Kirkhorn stepped down after 13 years at the electric vehicle maker, a surprise shake-up that raises new questions about succession in the top ranks of Elon Musk’s company.

Mr Kirkhorn, one of just four named executive officers and a prominent voice for the company with shareholders, resigned from his duties on August 4, the company said in a regulatory filing. He’ll continue to serve in an unspecified capacity through the end of the year “to support a seamless transition”.

Before Kirkhorn took over, Tesla had a long history of losses and occasionally burned more than $US1 billion of cash per quarter. The company has been consistently profitable since then. AP

Chief accounting officer Vaibhav Taneja took on the CFO role in addition to his current duties, Tesla said. Mr Taneja, 45, held several positions at the EV maker before becoming accounting chief in 2019. He previously worked at PricewaterhouseCoopers in India and the US.

Tesla shares turned negative on the news. They were 1.7 per cent lower as of 3.20pm in New York, paring earlier losses. The stock price has doubled so far this year.

Mr Kirkhorn’s departure comes as Tesla builds a new factory in Mexico and prepares to bring its Cybertruck pick-up to market as it fends off rivals in the increasingly crowded EV market. Tesla has lowered prices across its line-up to maintain its position atop the electric-car industry.

“He’s done a 13-year tour of duty working for Elon, which is like working 50 years for anyone else,” said Gene Munster, managing partner of Deepwater Asset Management. “The fact that he’s sticking around until the end of the year bodes well for the transition.”

Still, the departure of Mr Kirkhorn, who was considered