Tesla CFO Zach Kirkhorn quits after 13 years, Vaibhav Taneja takes over
Tesla, the electric vehicle giant, announced on Monday that its chief financial officer Zach Kirkhorn has resigned from his role after 13 years with the company. Kirkhorn, who also held the title of “Master of Coin”, will be replaced by Vaibhav Taneja, the current chief accounting officer.
Kirkhorn’s achievements as Tesla’s CFO
Kirkhorn joined Tesla in 2010 as a senior finance analyst and rose to the position of CFO in 2019, succeeding Deepak Ahuja. He was instrumental in helping Tesla achieve consistent profitability and positive cash flow since then, as well as reducing its debt and expanding its market capitalization. He also oversaw Tesla’s $1.5 billion investment in bitcoin earlier this year, which earned him the nickname of “Master of Coin” along with CEO Elon Musk, who became the “Technoking of Tesla”.
Kirkhorn thanked Musk for his leadership and expressed his pride in being part of Tesla in a post on LinkedIn. He said he will continue to work at the company until the end of the year to support a seamless transition.
Taneja’s background and role as Tesla’s new CFO
Taneja, 45, has been Tesla’s chief accounting officer since 2019. He joined Tesla in 2017 as the assistant corporate controller, after working at SolarCity, a solar energy company controlled by Musk, since 2016. He also has experience working at PricewaterhouseCoopers in India and the US.
Taneja will take on the CFO role in addition to his current duties as of Aug. 4, according to Tesla’s regulatory filing. It is unclear if he will also inherit the title of “Master of Coin” or if it will be retired. Taneja will be responsible for managing Tesla’s financial operations, reporting, and capital markets activities.
Tesla’s performance and outlook under the new CFO
Tesla recently reported its second-quarter earnings of 91 cents a share, a 20% increase from the same quarter last year and better than analyst estimates. Tesla’s profit margins were also better than expected, although smaller than last year due to decreasing prices for its vehicles.
Tesla is facing increasing competition in the electric vehicle market from both traditional automakers and new entrants. The company is also building out its production capacity in China, Germany, and Texas, and plans to launch its Cybertruck pickup later this year.
Taneja will have to navigate these challenges and opportunities as Tesla’s new CFO, while maintaining its financial stability and growth.