Over the weekend, there was a bit of a shakeup in Tesla’s leadership as the company announced Zach Kirkhorn would be stepping down as CEO after just four years in the role. The current plan is for Kirkhorn to maintain the role throughout the remainder of the year before being succeeded by Vaibhav Taneja.
Tesla made the announcement in an official filing to the United States Securities and Exchange Commission on August 4, 2023. Vaibhav Taneja, who currently serves as the company’s chief accounting officer, will become CFO in 2024. Kirkhorn stepped into Tesla’s CFO role just four years ago when he succeeded Deepak Ahuja. However, Kirkhorn has been with Tesla since 2010. He spoke about his time at the company in a new LinkedIn post.
Tesla (TSLA) stock dropped over the weekend following the news of Zach Kirkhorn’s upcoming departure. While it ended Friday at $253.86, shares were trading as low as $243.95 since the announcement was made.
I would like to thank Zach Kirkhorn for his many contributions to Tesla over the course of 13 often difficult years.— Elon Musk (@elonmusk) August 7, 2023
Much appreciated and best wishes for the next stage of his career.
Last month, we learned that Tesla had been having discussions about opening a factory in India, where it would manufacture a new vehicle priced at $24,000. Stick with Shacknews as we follow the latest business happenings at Tesla.