EV maker Tesla announced that its Chief Financial Officer Zachary Kirkhorn will be stepping down from his position. Kirkhorn spent 13 years with the company and has served as Tesla’s CFO since 2019.
During Kirkhorn’s time in the position, he helped Tesla go from a $50 billion company to one that is worth $773 billion today. He is also credited for cutting down on the company’s habit of burning large amounts of cash, repaying more than $10 billion of debt, and bringing Tesla to profitability earlier than anyone expected.
According to Tesla’s statement, Kirkhorn will remain with the company until the end of the year in order to help during the transition period.
“During his tenure, Tesla has seen tremendous expansion and growth. Tesla thanks Mr. Kirkhorn for his significant contributions,” the company added.
Vaibhav Taneja, Tesla’s chief accounting officer, will take over as CFO from Kirkhorn. Taneja was an executive with solar energy company SolarCity when Tesla acquired it back in 2016.
After the news about the CFO change, Tesla’s stock saw a slight drop on Monday. It went from Friday’s close price of $253.86 to as low as $243.95 per share on Monday morning. The shares gained back some of the loss on Tuesday but remain below $250.00.
