After an 11-year tenure, Tesla Inc. TSLA is bidding farewell to its Vice President of Finance and Business Operations, Sreela Venkataratnam.
What Happened: Venkataratnam announced her departure from the electric vehicle giant in a LinkedIn post. She reflected on her journey at Tesla, which saw the company’s annual revenues soar from less than $1 billion to nearly $100 billion, its market cap reaching $700 billion (and $1 trillion during the pandemic), and its annual car deliveries increasing to over 1.8 million.
“After 11 incredible years, I bid farewell to Tesla. Reflecting on this journey, it has been nothing short of extraordinary,” Venkataratnam wrote.
Venkataratnam, who joined Tesla as the Director of Finance Operations in 2013, also played a significant role in the expansion of the company’s Energy products and the construction of new factories. She expressed her gratitude to her colleagues and teammates and looked forward to new opportunities after taking a break to focus on personal well-being.
During her time at Tesla, Venkataratnam played a crucial role in the ramp-up of several key models, including the Model S, Model X, Model 3, Model Y, and the Cybertruck.
Venkataratnam highlighted her involvement in transforming the DMV process to automate car buying and registration in multiple states, as well as managing cash flow to support Tesla’s rapid global expansion.
Venkataratnam holds a master’s degree in accounting from the University of Waterloo. Before Tesla, she worked as Controller at Kleiner Perkins and held positions at Intuitive Surgical, Mercury Interactive, and Ernst & Young.
Why It Matters: Venkataratnam’s departure comes at a time when Tesla is undergoing significant changes. In June, CEO Elon Musk announced a company-wide layoff exceeding 10% of its staff, citing internal inefficiencies as a driving factor. This reduction slashed Tesla’s global headcount to just over 121,000.
However, Musk also introduced stock-based compensation for high-performing employees in a bid to motivate the workforce. This move followed a shareholder approval of Musk’s $56 billion pay package.
Earlier in April, Musk had demanded a ‘hardcore’ workforce and cost cuts, leading to the exit of two senior executives from Tesla, including the heads of its charging infrastructure and new product departments.
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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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