Tesla CEO Elon Musk has announced that the electric car maker’s long-serving chief financial officer (CFO), Deepak Ahuja, is leaving the company after over a decade of service, CNBC reports.
Musk made the announcement towards the end of an earnings conference call. Tesla’s shares fell sharply by nearly 5% in after-hours trading.
Tesla stock price. Source: TradingView
This is not Ahuja’s first time to resign from the electric car maker. He first departed in 2015 only to rejoin two years later. This was to replace Jason Wheeler, who had abruptly resigned as the CFO.
How do you not include the departure of your CFO in your earnings press release? Just ridiculous @elonmusk
— Arb Cowboy (@ArbCowboy) January 31, 2019
Tesla’s Vice President of Finance to Assume CFO Position
Tesla’s CFO position will now be taken over by Zach Kirkhord who has been the finance vice president. Ahuja will not sever all ties to Tesla, however, as he has been offered a senior advisory role.
The incoming CFO previously worked as a business analyst at McKinsey & Co prior to joining Tesla. In a statement, Kirkhord expressed optimism about Tesla’s future:
“I’ve been deep in the operations of every major program of the company from Roadster to…scaling our energy business and more things to come. I feel we’re starting 2019 with a very strong financial foundation. We have enough cash to start new programs and develop new technologies.”
High-profile Departures in Tesla’s Finance Team
The heavily-indebted Tesla has experienced a high turnover in its finance team. Last year in September the company’s chief accounting officer,