Tesla‘s chief monetary officer, Zach Kirkhorn, stepped down from his place, efficient Aug. 4, the automaker introduced Monday morning in a regulatory submitting. Tesla’s chief accounting officer Vaibhav Taneja was appointed as the brand new CFO and can maintain each roles concurrently.

Shares of Tesla had been buying and selling down about 1% on the information.

Kirkhorn will keep on with Tesla by the tip of the 12 months to help within the transition, in line with a Securities and Change Fee submitting. Kirkhorn had served as CFO since March 2019 and had labored for Tesla since 2010.

“As I shift my obligations to help this transition, I need to thank the gifted, passionate, and hard-working staff at Tesla, who’ve achieved issues many thought not attainable,” Kirkhorn wrote on LinkedIn.

Kirkhorn’s departure marks the second CFO substitute at Tesla in simply over 4 years. When prior CFO Deepak Ahuja left Tesla in 2019, shares dipped as a lot as 4.5%.

Vaibhav Taneja, Kirkhorn’s substitute and Tesla’s former chief accounting officer, has been with the automaker since 2017. He labored for SolarCity earlier than becoming a member of Tesla, by means of the automaker’s $2.6 billion acquisition of the photo voltaic installer. Earlier than that, Taneja was employed at PwC for about 17 years. PwC is Tesla’s auditor.

This story is growing. Examine again for updates.