What could be the most surprising update in Tesla's recent call for earnings in the fourth quarter of 2018, a longtime CFO Deepak Ahuja announced he would withdraw from the company. He was succeeded by Zach Kirkhorn, vice president of finance for electric car manufacturers, who has been with Tesla since the time of the original Roadster.
The announcement of the legitimate retirement of the financial directors was linked to the end of the call for earnings in the fourth quarter, and Executive Director Elon Musk expressed gratitude to the executive director for his company's contributions. Deepak, on the other hand, also thanked Tesla, claiming that the company has undoubtedly the best team in the industry. Despite leaving his job, Deepak will still play a role in the company, and Elon Musk said he would continue to serve as a "senior advisor" for "likely years to come."
That does not mean that Deepak will leave Tesla in a terrible situation. The company has announced its second profitable quarter in a row, and the production of model 3 has reached the point where the vehicle can be delivered to international markets. During the call, Deepak noted that he was optimistic about Zach taking over his position.
"I really feel what Zach has taken. Over the years, he has demonstrated many of the difficult challenges he has worked on, he said.
Tesla's new finance director repeated Deepak's feelings. During a recent earnings call, Zach noted that he is looking forward to scaling the company's energy business.
"I went deep into the operations of every major company program from Roadster to … scaling our energy business and more and more things that come in. I feel that we start with a very strong financial foundation in 2019. We have enough money to launch new programs and develop new technologies "He said.
This is not the first time Deepak Ahuja left Tesla. In 2015, veteran finance announced the departure from the electric car factory. He was replaced by Jason Wheeler, Google's former vice president of finance, who later retired from his CFO post in Tesla to follow public interest interests. After Wheeler's departure, Deepak came out of retirement to fill Tesla's full-time CFO position.
Deepak Ahuja is among the key Tesla executives, since he has been with the company since the first days. Prior to his employment at the electric car factory in 2008, he had a pretty comfortable position in Forda. In a presentation to Northwestern University graduates, his alma mater, Deepak pointed out that his vision of Elona Muska eventually motivated him to join Tesla.
"Meeting with Elon Muscle and understanding his vision of Tesla was a moment in my life that changed in the game. I felt passion for this opportunity in a way I did not feel before, "he said.
As Teslin's first CFO, he was among the key executives who helped companies tackle financial problems in 2008. He eventually helped Tesla through a successful public bid. Finally, Deepak Ahu's contributions to companies are significant and it would not be difficult to say that Tesla would not be where he is today without a legendary CFO.
Together with Tesla's results in the fourth quarter of 2018, Deepak's departure seems to be negatively accepted by Wall Street. As it is written, Tesla shares (NASDAQ: TSLA) is down 4.68%, trading at $ 294.80.