Tesla stock fell below key support Monday on news Chief Financial Officer Zachary Kirkhorn is stepping down.
The EV giant announced in federal filings that Vaibhav Taneja took over from Kirkhorn on Aug. 4. Taneja will now serve as CFO as well as his current role of chief accounting officer.
"During his tenure, Tesla has seen tremendous expansion and growth," the company wrote in the SEC filing. "Tesla thanks Mr. Kirkhorn for his significant contributions."
Kirkhorn joined Tesla in 2010 and became CFO in 2019. He will remain at Tesla through the end of the year to "support a seamless transition," according to the company.
"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 wrote on LinkedIn.
Tesla Stock
TSLA shed 1% to 251.19 in below-average volume during Monday's market trade, hitting its lowest level since late June. Tesla stock fell 4.7% last week to 253.86, after hitting resistance at the 21-day line.
Shares have still roughly doubled in 2023. Tesla stock has an official cup-with-handle buy point of 299.29 on a deep consolidation going back to last September. TSLA is on IBD Leaderboard and sits on the IBD 50.
Please follow Kit Norton on Twitter @KitNorton for more coverage.
YOU MAY ALSO LIKE:
Get An Edge In The Stock Market With IBD Digital
Labor Unions Keep The Heat On Starbucks And Amazon
