Tesla Loses Third Executive in Two Weeks as VP of Finance Announces Resignation
Sources claim that approximately 30 executives have left the American automaker since June.
Tesla's vice president of worldwide finance and operation, Justin McAnear, has resigned and plans to on leaving the company in early October. This departure marks the third executive to leave the popular electric automaker in just two weeks.
According to Bloomberg, Tesla is losing another high-ranking executive after chief accounting officer Dave Morton left last week after fulfilling his position for less than one month. In addition, Tesla's former chief accounting officer, Dave Morton, announced his exit on Sept. 4 following alleged turmoil surrounding Musk's attempt to take the company private. Gabrielle Toledano, former head of human resources, also announced her departure during the same week, following a leave of absence. Lastly, director of manufacturing engineering, Shen Jackson, departed on Wednesday. In total, 30 executives have reportedly left the company since June.
“Several weeks ago, I announced to my team that I would be leaving Tesla because I had the chance to take a CFO role at another company,” McAnear told The Verge in a statement. “I’ve truly loved my time at Tesla, and I have great respect for my colleagues and the work they do, but this was simply an opportunity I couldn’t pass up. Any other speculation as to why I’ve left is simply inaccurate. I’ve been working with the team to ensure a smooth transition prior to my last day on October 7th, and a number of members of the team are stepping up to fill my role.”
McAnear was plucked from Apple's finance division in 2015 when he arrived at Tesla, faithfully working through the company's ascension from production hell. Tesla's finance team, in particular, has been under intense pressure over the past few months with high-profile employee turnover. McAnear's departure, although announced in advanced, will continue to add stress on Tesla's finance team and its Chief Financial Officer, Deepak Ahuja.
Some investors are also viewing the fiscal water as murky amid the increase in market instability, partly due to the inner workings at Tesla. The company's flip-flopping position on taking the company private also sparked a great deal of controversy among investors, ultimately resulting in lawsuits directed at both the automaker and its CEO, Elon Musk. Earlier this week, an investment analyst called Tesla's stock "no longer investable" over Musk's "erratic" behavior that some claim have damaged the company's brand. Though the said concept isn't shared among all investors, Tesla's stock has notably dipped over 18 percent since mid-August.