Tesla's CFO ‘Master of Coin’ Zachary Kirkhorn Steps Down After 13 Years

Quincy Jon, Tech Times 07 August 2023, 01:08 pm

Zachary Kirkhorn, the Chief Financial Officer of Tesla and dubbed the "Master of Coin," formally left his role on August 4 after an outstanding 13 years with the pioneering electric car maker. This momentous change in Tesla's senior management was made official through a regulatory filing.

Kirkhorn was instrumental in steering Tesla through difficult times when he served as CFO, notably during the problematic Tesla Model 3 manufacturing phase, which brought the business dangerously close to insolvency, according to TechCrunch. Sales records were broken in Kirkhorn's first year as CFO, underscoring Tesla's crucial role in the automobile industry's tectonic move toward electric cars.

Tesla made its first annual profit under Kirkhorn's financial management and continued to be profitable in later years. These accomplishments made Tesla a dominating force in the car industry and one of the most valued corporations.

Tesla's $1.5 billion investment in Bitcoin earned Zachary Kirkhorn the unique title of "Master of Coin" in 2021, according to Fortune. This amusing title echoed Tesla CEO Elon Musk's description of the organization as the "Technoking of Tesla," which reflected the business's dynamic and unusual corporate culture.

Taneja Takes Over

As Zachary Kirkhorn stepped down, Vaibhav Taneja, who serves as Tesla's chief accounting officer, takes over his job in the electric vehicle manufacturer. Kirkhorn will seamlessly move out of his position and continue to serve the firm until the end of 2023.

After SolarCity was acquired by Tesla in 2016, Taneja started working in the firm, holding positions in corporate control and accounting operations. Since March 2019, Taneja has served as Tesla's Chief Accounting Officer, a position he previously held while also acting as the company's corporate controller and assistant corporate controller.

Previously, Tesla shareholders sued Elon Musk and the business because the purchase of SolarCity amounted to a bailout, and Musk had pressured Tesla's board into making the transaction. Musk's claim was supported by a Delaware judge's 2022 decision, however, as per a report from The Verge.

No Explanation on Kirkhorn's Tesla Exit Yet

While Kirkhorn's exit's precise reasons are still unknown, he provided no more information in a LinkedIn post announcing it. No word was given in Tesla's filing with the Securities and Exchange Commission (SEC) on Taneja's potential succession as "Master of Coin." No one from Tesla commented on the matter as of the present reporting.

Tesla's shares witnessed a minor fall in reaction to this big leadership transition, which persisted when the market started its trading activity. The market's response highlights the impact of Kirkhorn's resignation and its prospective effects on Tesla's future strategic and financial orientation.