DETROIT (AP) — Tesla Chief Financial Officer Zachary Kirkhorn is leaving the electric vehicle and solar panel maker after 13 years of service. Kirkhorn’s departure was announced on Friday, but he will remain with Tesla until the end of the year for a smooth transition, according to the company based in Austin, Texas.
Tesla Inc.’s shares fell about 1% on Monday, along with a broader sell-off in the electric vehicle industry. Rivian Automotive Inc. dropped almost 4%, while Lucid Group Inc. lost 3% in value.
In a regulatory filing on Monday, the company stated that Vaibhav Taneja has been appointed as the new CFO in addition to his current role as chief accounting officer.
Kirkhorn has served as CFO for the past four years and has frequently participated in the company’s quarterly earnings conference calls. Although the filing did not provide a reason for his departure, it acknowledged Tesla’s significant growth during Kirkhorn’s tenure.
In a LinkedIn post on Monday, Kirkhorn wrote, “Being a part of this company is a special experience, and I’m extremely proud of the work we’ve accomplished together since I joined over 13 years ago.” He did not respond to a request for further comment.
Elon Musk, the CEO of Tesla, publicly acknowledged Kirkhorn’s contributions to the company. Musk wrote on his social media platform X (formerly known as Twitter), “I would like to thank Zach Kirkhorn for his many contributions to Tesla over the course of 13 often difficult years.”
According to filings with the Securities and Exchange Commission, Kirkhorn has sold more than $6 million worth of Tesla stock this year. These sales were either part of a prearranged trading plan or were made to fulfill tax obligations on vested stock options.
Vaibhav Taneja, 45, has been serving as chief accounting officer since March 2019 and as controller since May 2018.