Tesla's Chief Financial Officer (CFO) Zach Kirkhorn has resigned from his role, effective Aug. 4, Reuters reports.
The electric automaker has promoted Vaibhav Taneja, previously the chief accounting officer, to the position of CFO, a role he will carry out alongside his current duties.
Kirkhorn, who has been with Tesla for 13 years and served as CFO for four years, will stay until the end of the year to ensure a smooth transition.
The announcement of Kirkhorn's departure saw Tesla shares drop by about 2.5%. In his statement, the long-standing CFO acknowledged the work accomplished during his tenure, highlighting it as a unique experience. He concluded by expressing gratitude toward Tesla's employees and recognizing Tesla CEO Elon Musk's leadership role.
Kirkhorn has built a robust career with over 16 years in the finance sector. His journey includes roles at Microsoft, McKinsey & Company, and different leadership positions within Tesla.In March 2021, Kirkhorn was also granted the whimsical title of "Master of Coin." This unusual title was inspired by the popular TV series "Game of Thrones," in which it was used to denote the person in charge of the treasury in the fictional Seven Kingdoms. Musk himself assumed the title of "Technoking of Tesla."
The move came after Tesla's significant investment in Bitcoin in February 2021. This move signaled Tesla's increasing interest in cryptocurrency. However, the e-car maker has since sold off the vast majority of its holdings, souring on the leading cryptocurrency.
As reported by U.Today, Tesla's Q2, 2023, the financial report reveals that the company made no new Bitcoin transactions during the quarter, maintaining the value of its crypto holdings at a not-so-impressive $184 million.