Tesla shares sink as senior leaders exit company

Tesla shares slid Friday, as two senior managers left the business. Musk also announced a number of new senior management team members for the electric car maker.

Tesla shares sink as senior leaders exit company

Tesla shares fell Friday, amid news the company had lost two members of its senior leadership team. Tesla’s CEO Elon Musk also announced a number of management promotions, as the electric car maker enters the final weeks of an “amazing” third quarter, the company chairman said.

Tesla shares ended the US Friday trading session 6.30% lower at $263.24. The stock, however is a little higher in out-of-hours activity.

Tesla’s accounting chief resigns

Among the news Friday, was that Tesla’s accounting chief, Dave Morton, resigned. The decision was announced through an SEC filing, less than a month after he took on the role. Morton handed in his notice to leave – with immediate effect – on September 4th.

“Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” Morton said.

“As a result, this caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla’s leadership or its financial reporting,” he added.

In addition to that, Tesla’s Chief People Officer, Gaby Toledano has decided to make her period of a leave of absence, a permanent exit from the company.

“She’s been amazing and I’m very grateful for everything she’s done for Tesla,” Musk said in a blog post.

New Tesla managers

In the face of those changes, Musk posted a blog Friday, detailing a raft of new staff members joining the Tesla management team. They include:

  • Jerome Guillen promoted to President, Automotive, reporting directly to Musk, after eight years with the firm. He will oversee all “automotive operations and program management” and also coordinate the entire Tesla automotive supply chain.

  • Kevin Kassekert has been promoted to VP of People and Places, from his previous role as VP of Infrastructure Development. Kevin, who has worked for Tesla for six years, will be responsible for “Human Resources, Facilities, Construction, and Infrastructure Development.”

  • Felicia Mayo, Sr. HR Director and head of Tesla’s Diversity and Inclusion program, has been promoted to VP and will report directly to Kassekert and Musk.

 

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