Tesla’s CFO steps down after 4 years in the role causing drop in stock of the company

UNITED STATES, August 7 (Automobile) – Tesla Inc., the electric vehicle (EV) giant disclosed that Chief Financial Officer Zachary Kirkhorn was stepping down, after four years in the role and 13 years with the company.

Kirkhorn will remain with Tesla through the end of the year, Tesla did not specify a reason for Kirkhorn’s departure.

The company named Vaibhav Taneja as new finance boss. Taneja takes on the CFO role in addition to his role as chief accounting officer. He joined Tesla after the automaker acquired SolarCity in 2016.

The shares of the company was reportedly fell 1.3% in premarket trading Monday, reversing an earlier gain.

According to Market Watch, an independent publication operated by Dow Jones and Co. “the stock was up about 0.6% just before the CFO departure disclosure. Tesla said it named Chief Accounting Officer Vaibhav Taneja as CFO. Taneja has been CAO since March 2019, and as corporate controller from May 2018. Tesla said Kirkhorn will serve Tesla through the end of the year to help support the transition. The stock has rallied 49.3% over the past three months through Friday, while the S&P 500 has gained 8.3%.”