- Tesla CFO, Zachary Kirkhorn, departs after 13 years of service.
- Kirkhorn to support seamless transition until year-end.
- Vaibhav Taneja takes on role of CFO alongside current position.
- Tesla reports impressive Q2 net income of $2.7 billion, up 20% YoY.
- Tesla shares slip 2.4% in response to news, reflective of broader EV sector trend.
- Ongoing challenges include investigations into Tesla’s Autopilot safety features.
- Kirkhorn’s significant role in Tesla’s growth and achievements acknowledged.
- Kirkhorn’s LinkedIn post reflects pride in his 13-year journey at Tesla.
- Stock transactions show Kirkhorn selling over $6 million in Tesla stock this year.
- Tesla’s focus on innovation and industry growth remains unwavering.
Tesla Chief Financial Officer, Zachary Kirkhorn, has announced his departure from the company after a remarkable 13-year tenure. While Kirkhorn steps down, he will continue to support a smooth transition through the end of the year, according to Tesla. The company’s shares experienced a minor dip following the news, alongside a broader downturn in the electric vehicle sector.
Vaibhav Taneja, currently serving as Chief Accounting Officer, has been named as the new CFO as part of his expanded role within the company. This announcement was made in a regulatory filing on Monday.
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During his time at Tesla, Kirkhorn played a pivotal role in driving the company’s growth, contributing to its success as it reported a Q2 net income of $2.7 billion, marking a 20% increase from the previous year. Despite a slight decrease in profit margin due to vehicle price cuts initiated earlier in the year, Tesla exceeded analyst expectations.
In a LinkedIn post, Kirkhorn expressed his pride in being part of Tesla’s journey for over 13 years. He sold over $6 million worth of Tesla stock this year, with transactions being part of a prearranged trading plan or related to tax obligations on vested stock options.
The change in leadership comes at a time of ongoing challenges for Tesla, including recent investigations by the National Highway Traffic Safety Administration into safety concerns with Tesla vehicles operating on Autopilot. As Tesla enters this transition, the company remains committed to innovation and growth in the electric vehicle industry.