Updated Aug 7, 2023 - Economy & Business

Tesla CFO Zachary Kirkhorn resigns

Photo by Smith Collection/Gado/Getty Images.

Zachary Kirkhorn has stepped down as Tesla's chief financial officer after 13 years with the company, according to a regulatory filing.

Why it matters: Tesla is America's largest maker of electric vehicles, and one of its most valuable companies by market cap.

  • Kirkhorn's departure also stirs new questions about Tesla's succession plans. The Wall Street Journal reported that board members had floated his name as a possible successor to Musk.
  • Tesla was valued at around $50 billion when Kirkhorn took over as CFO. The company is now valued at over $780 billion.
  • Shares of Tesla ended Monday's session nearly 1% lower.

The big picture: In March, Tesla showed off its bench of executives during its investor day, where Kirkhorn also appeared.

  • He'll stay on through the end of the year to help with transition.

What to watch: Kirkhorn, who joined Tesla in 2010 as a financial analyst and was promoted to CFO in 2019, will be succeeded as CFO by Vaibhav Taneja, who will also maintain his role as chief accounting officer.

  • No explanation was provided for Kirkhorn's resignation, which came last Friday.

What he's saying, per a LinkedIn post: "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. I also want to thank Elon for his leadership and optimism, which has inspired so many people."

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