Tesla CFO Zach Kirkhorn Steps Down Ahead of Cybertruck Launch

Tesla Chief Financial Officer Zach Kirkhorn has stepped down after more than four years in the role, where he worked behind the scenes to translate Elon Musk’s ambitions into reality.

The electric-car maker on Monday said Chief Accounting Officer Vaibhav Taneja had been appointed as CFO on Aug. 4, when the 38-year-old Kirkhorn left the position.

His surprise move comes ahead of Tesla’s Cybertruck pickup coming to market later this year and raises questions about succession planning for Musk, who is 52 years old and runs several companies, including SpaceX and X, the social-media platform formerly known as Twitter.

Tesla has no clear second-in-command, but board members had discussed Kirkhorn as a possible successor to Musk as CEO, The Wall Street Journal reported in May.

Shares were down around 2% in early-afternoon trading. Over the weekend, Musk said he may need to have more neck surgery.

Kirkhorn’s departure comes after a relatively smooth period for Tesla in the senior ranks, which had been marked by periods of great turnover in its 20-year history, especially amid new vehicle launches. Dozens of senior executives, for example, departed ahead of or during the company’s difficult introduction of the Model 3 sedan.

The EV maker is preparing to deliver its first new passenger vehicle in more than three years, the Cybertruck, and is building out manufacturing capabilities as it seeks to become the world’s biggest car company by volume.

Kirkhorn, who joined the automaker in 2010, helped transform Tesla into the world’s most valuable carmaker and a profit machine that has delivered 16 consecutive quarters in the black. He did so while handling many day-to-day duties in the manner of a chief operating officer, advancing the company’s growth goals by lowering production costs and chasing efficiency.

The former McKinsey analyst made a fortune during his career at Tesla, which compensated him largely in equity whose value soared through his tenure. 

During his time as CFO, Kirkhorn sold roughly $49 million worth of Tesla stock, according to Equilar. He still holds more than $550 million worth of shares and stock options that have vested but not yet been exercised. 

In a securities filing, Tesla thanked Kirkhorn for his “significant contributions” to the company and said he would continue with the automaker through the end of the year to support a “seamless transition.”

Hours after the announcement, Musk, in a post on X, added his gratitude, writing: “Much appreciated and best wishes for the next stage of his career.” 

Taneja, 45, has been part of the Musk business orbit since March 2016, when he joined SolarCity as vice president of accounting operations, according to his LinkedIn bio.

He stayed with Tesla after the automaker successfully acquired the solar company, where Musk was also chairman, becoming assistant corporate controller in 2017 and over time taking on greater responsibilities. He previously spent almost 17 years at accounting firm PricewaterhouseCoopers in India and San Jose, Calif.

Tesla, Kirkhorn and Taneja didn’t immediately respond to requests for comment.

Kirkhorn, in a LinkedIn post, thanked Musk for his leadership and optimism.

“Being a part of this company is a special experience and I’m extremely proud of the work we’ve done together since I joined over 13 years ago,” Kirkhorn said.

Tesla is a markedly different company than when Kirkhorn took the reins as CFO after a surprise announcement in early 2019 that he was replacing longtime Musk confidant Deepak Ahuja.

At the time, Tesla was struggling to make the transition from niche automaker into the mainstream with its Model 3, which launched in 2017.

In the years that followed, the eventual success of the Model 3 and its offshoot, the Model Y crossover, would help remake Tesla. During that period, Kirkhorn worked to open Tesla’s first overseas assembly factory in China and navigate supply challenges during the pandemic. Also under his tenure, Tesla’s relationship with Wall Street changed as it became the largest company to join the S&P 500, the most widely tracked broad stock-market benchmark.

In 2020, Tesla became the world’s most valuable automaker and, in 2021, the first car company to be valued at more than $1 trillion. 

Tesla’s share price has since retreated, especially amid concern late last year that Musk was distracted with X and that Tesla faced a tougher competitive market with new EV rivals and higher interest rates that made selling new vehicles harder. 

In the past year, Kirkhorn had taken on a more visible role. He was master of ceremonies at a March investor gathering where Tesla highlighted the executives working under Musk.

People who worked with Kirkhorn have credited him with effectively connecting and communicating with Musk, skills that other executives have struggled with since Tesla’s early days.

The relationship between the two executives echoed the dynamic between Apple CEO Tim Cook with his predecessor, Steve Jobs, the Journal reported.

This year has also seen the rise of another longtime Tesla executive into a bigger operational role. In April, Tom Zhu, who had overseen China operations, was officially made senior vice president of automotive, effectively putting him in a role overseeing factories and sales globally. 

—Will Feuer contributed to this article.

Write to Rebecca Elliott at [email protected]