Indian-born Vaibhav Taneja was hired by American automaker Tesla to serve as its Chief Financial Officer. Currently the Chief Accounting Officer, Vaibhav Taneja will take on the additional responsibilities of CFO. Zachary Kirkhorn, who has worked with Tesla for 13 years, will be replaced by him. The Elon Musk-led company didn't specify the reason for the change, but Kirkhorn is expected to remain in his position till the end of the year to ensure a smooth transition. "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.
Vaibhav Taneja, a 45-year-old University of Delhi alumnus with a degree in commerce, joined the Tesla team in 2016 when the company bought SolarCity. He also took on the key job of "Master of Coin" within the corporation in addition to his core duty as chief accounting officer, the company stated. Vaibhav Taneja was also named as the director of Tesla India Motors and Energy Private Limited in January 2021. According to a Moneycontrol investigation, Vaibhav has more than 20 years of accounting experience. In the areas of technology, banking, retail, and telecommunications, he has worked with numerous global corporations.
The hiring coincides with Tesla's efforts to increase sales and expand its market share. The auto giant even cut the pricing of its cars to achieve that goal, which hurt its margins, which were among the best in the business.
It's interesting to note that when investors voiced worries about the succession plan at Tesla, the departing CFO Zachary Kirkhorn was originally thought of as Elon Musk's replacement. Elon Musk currently oversees SpaceX, Neuralink, and the Boring Company in addition to Tesla. He also holds the position of CTO at X, formerly known as Twitter.