Tesla's futures price was down 4.5 percent Thursday, a day after CEO Elon Musk announced that Chief Financial Officer Deepak Ahuja is retiring after almost 11 years at the electric car company.
It's the second time Ahuja has resigned from the company. He was one of Tesla's longest serving executives when he first left in 2015. He rejoined Tesla in 2017, replacing then-CFO Jason Wheeler, who abruptly resigned.
Moving into the CFO role at the electric vehicle maker is Zach Kirkhorn, previously the company's vice president of finance. "I feel really good about Zach taking over," Ahuja said. "He's proven himself over the years with many tough challenges he's worked on."
Musk announced the change at the end of a conference call with analysts discussing the company's fourth-quarter earnings results.
Kirkhorn said, "I've been deep in the operations of every major program of the company from Roadster to … scaling our energy business and more things to come. I feel we're starting 2019 with a very strong financial foundation. We have enough cash to start new programs and develop new technologies." Prior to joining Tesla in 2010, Kirkhorn was a business analyst at McKinsey & Co.
Kirkhorn has quickly ascended to the role of CFO, especially at a company with a market capitalization over $50 billion.