Zach Kirkhorn, chief finance officer of Tesla and one of Elon Musk's closest allies, announced his resignation. The automaker made the announcement in a regulatory filing on Monday morning. Vaibhav Taneja, Tesla's chief accounting officer, has been chosen as the company's new CFO and will handle both positions concurrently.
Tesla shares fell over 3% after the news but recovered to close down less than 1% on the day. According to a Securities and Exchange Commission filing, Kirkhorn will remain with Tesla until the end of the year to assist with the transition. Kirkhorn has been Tesla's CFO since March 2019 and had been with the company since 2010.
Announcing is resignation on LinkedIn, Zach Kirkhorn writes:
As I shift my responsibilities to support this transition, I want to thank the talented, passionate, and hard-working employees at Tesla, who have accomplished things many thought not possible.
Kirkhorn’s departure marks the second CFO replacement at Tesla in just over four years. When prior finance chief Deepak Ahuja left Tesla in 2019, the company’s shares dipped as much as 4.5%.
Taneja, Kirkhorn’s successor, and Tesla’s chief accounting officer, has been with the automaker since 2017. He worked for SolarCity before joining Tesla, by way of the automaker’s $2.6 billion acquisition of the solar installer. Before that, Taneja was employed at PwC for about 17 years. PwC is Tesla’s auditor.
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