Zach Kirkhorn, the Chief Financial Officer (CFO) of Tesla, has resigned from his position, effective August 4, according to Reuters.
Vaibhav Taneja, who was formerly the chief accounting officer, has been elevated by the electric vehicle manufacturer to the post of chief financial officer, where he will continue to perform his existing responsibilities.
To facilitate a smooth transition, Kirkhorn, who has been with Tesla for 13 years and held the position of CFO for four of those years, will remain until the end of the year.
Tesla shares fell by around 2.5% after Kirkhorn’s resignation was made public. The long-serving CFO appreciated the job completed during his time in office and described it as a singular experience in his remarks. He closed by thanking Tesla’s staff members and praising Tesla CEO Elon Musk’s leadership.
In the banking industry for more than 16 years, Kirkhorn has established a solid career. Along the way, he has held executive positions at Tesla, McKinsey & Company, and Microsoft.
Additionally given to Kirkhorn in March 2021 was the wacky moniker “Master of Coin.” This odd name was influenced by the hit TV show “Game of Thrones,” where it was used to identify the treasury chief of the made-up Seven Kingdoms. Musk used the monicker “Technoking of Tesla.”
Following Tesla’s substantial purchase in Bitcoin in February 2021, the action was taken. This action revealed Tesla’s growing enthusiasm for cryptocurrencies. The top cryptocurrency has soured, however, since the electric vehicle manufacturer has subsequently sold off the vast bulk of its holdings.
According to U.Today, Tesla’s Q2 2023 financial report shows that no new Bitcoin transactions were performed by the business throughout the quarter, keeping the value of its cryptocurrency holdings at a not-so-impressive $184 million.
