Tesla TSLA-Q finance chief Zachary Kirkhorn has stepped down after four years in the role, the world’s most valuable auto maker said on Monday and appointed accounting head Vaibhav Taneja in his place.
The Elon Musk-led firm did not specify a reason for departure of Kirkhorn, who has been with the company for 13 years. He will remain with Tesla through the end of the year to aid a smooth transition.
During his tenure, Tesla posted its first quarterly profit after it launched the mass-market Model 3 compact sedan and hit a market valuation of more than $1 trillion.
“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 in a LinkedIn post.
Kirkhorn did not immediately respond to queries when contacted on LinkedIn. Tesla shares were down more than 2% in early trading.
Taneja, 45, joined Tesla after the auto maker acquired SolarCity in 2016. He takes on the role, or the so-called “Master of Coin” position, in addition to his job as chief accounting officer, the auto maker said.
The Austin, Texas-based auto maker this year cut prices of its cars in a move that prioritized sales growth and market share and squeezed its industry-leading margins.
Tesla has also hinted at more price cuts in what Musk called “turbulent times” as rising borrowing costs take a toll on the sales of electric-vehicle makers.