In a surprising turn of events, Zachary Kirkhorn, Tesla’s Chief Finance Officer and often referred to as the ‘Master of Coin’, has resigned from his position.
This departure has left Tesla CEO Elon Musk without a potential successor to lead the electric car company.
The company announced that Vaibhav Taneja, the Chief Accounting Officer, will step into the role of CFO following the change. The decision was officially revealed in an SEC filing by the company on August 4.
The announcement had an immediate impact on Tesla’s stock, causing a 3.5% drop in share prices on the day of the news.
However, the stock managed to recover slightly, ending the day with a less than 1% decrease, closing at $251.45 per share.
The exact reasons behind Kirkhorn’s surprising departure from his role as CFO are not clear. This move comes just ahead of Tesla’s eagerly awaited launch of the Cybertruck later this year, adding to the uncertainty surrounding the company’s financial leadership.
Succession plan
Now there are questions about the succession plan for Elon Musk, who is 52 years old and holds leadership roles in SpaceX and the rebranded Twitter site, X. There were discussions among the board members about Kirkhorn’s potential as a successor to Musk as CEO, as reported by The Wall Street Journal in May.
Kirkhorn, who joined Tesla in 2010 at the age of 34, played a pivotal role in translating Musk’s vision for revolutionizing the car industry into reality.
Known for his calm demeanor, Kirkhorn balanced out Musk’s more volatile nature and was a prominent figure in interactions with analysts, frequently making presentations on strategic matters and products.
Thomas Martin, a senior portfolio manager at Globalt Investments and a Tesla investor, emphasized Kirkhorn’s ability to effectively mediate between Musk and other executives.
