Tesla's 'Master of Coin' CFO Steps Down: Cathie Wood Says Successor Is Well-Suited To Take on The Job

Tesla Inc. TSLA announced a significant change in its executive suite as Chief Financial Officer Zachary Kirkhorn decided to part ways after a 13-year tenure.

The unexpected move, announced on Aug. 7, has sparked discussions about the future leadership dynamics within Elon Musk’s electric vehicle giant.

Kirkhorn, a key figure in Tesla’s relationship with its investors, will remain with the company in an undefined role until the end of 2023 to ensure a smooth transition. The baton of CFO has been passed to Chief Accounting Officer Vaibhav Taneja, who has been with Tesla since 2018 and took over as the accounting head in 2019. Taneja’s experience also includes a directorial role at Tesla India Motors.

Tesla’s stock dropped 1% on Monday, reaching its lowest level since the end of June 2023.

Coin Master Bids Adieu

Interestingly, in 2021, Musk humorously dubbed Kirkhorn as the “Master of Coin,” hinting at Tesla’s Bitcoin acquisition. Since Kirkhorn’s promotion to CFO in early 2019, Tesla has seen a notable financial upswing, repaying nearly $10 billion in debt over three years. Data from Bloomberg indicates a significant rise in free cash flow during his tenure as CFO.

Expressing gratitude, Kirkhorn shared on LinkedIn, "Being a part of this company is a special experience and I'm extremely proud of the work we've done together." He also lauded Musk for his visionary leadership.

Cathie Wood, CEO and chief investment officer at Ark Investment Management, praised Kirkhorn’s contributions and expressed confidence in Taneja’s capabilities, noting that he has been groomed for the role.

Tesla is the top holding with a roughly 11% weight in the Ark Investment Management’s portfolio, which includes the Ark Innovation ETF ARKK.

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo: Kirkhorn, Courtesy Tesla; Tesla image, courtesy Unsplash