Former Tesla CFO Zach Kirkhorn who stepped down despite being prepared to succeed Elon Musk amassed a staggering $590 MILLION in four years
Former Tesla CFO Zach Kirkhorn who stepped down despite being prepared to succeed Elon Musk amassed a staggering $590 MILLION in four years
- Zachary Kirkhorn, 39, stepped down as Tesla’s chief financial officer after 13 years with the company, during which he was seen as a possible successor
- Kirkhorn stepped down Friday but will stay with Tesla until the end of the year to “support a seamless transition”
- Bloomberg reported on Tuesday that Kirkhorn made $590 million in his last four years with the company — largely in Tesla stock
The former Tesla CFO, who stepped down Friday, earned an astonishing $590 million in his last four years with the company, Bloomberg reported Tuesday.
Zachary Kirkhorn, 39, stepped down as Tesla’s CFO after 13 years with the company.
His departure raised questions about who could succeed the 52-year-old Musk.
Tesla has no clear second-in-command, but Kirkhorn had been discussed by the board as a possible successor to Musk as CEO. The Wall Street Journal reported in May.
While he is no longer CFO, he will remain with the Austin, Texas-based company through the end of the year to “support a seamless transition,” the company said.
Vaibhav Taneja was named CFO in addition to his current role as chief accounting officer, the company said in a filing Monday.
Zachary Kirkhorn, 39, announced Friday that he is stepping down as chief financial officer
Musk thanked him on Monday for his work over the past 13 years, including four years as CFO
Kikhorn has been described as a calm presence among Tesla executives and someone who helped turn Musk’s ideas into reality.
Sources told The Wall Street Journal that the pair resembled the legendary Apple executives, comparing Kikhorn to Tim Cook and Musk to Steve Jobs.
It emerged on Tuesday that the University of Pennsylvania-educated executive earned $590 million since being named CFO in March 2019.
The remuneration was largely given in shares and options, Bloomberg reported.
Kirkhorn’s compensation was relatively modest, with a base salary of $300,000 in 2022.
He also received $31,099 in previously accrued paid time off that was applied to the purchase of a Tesla, according to the company’s most recent proxy filing.
He cashed in $6 million in Tesla stock this year.
During his time as CFO, Kirkhorn sold approximately $49 million worth of Tesla stock, according to Equilar.
His fortune pales in comparison to his boss, who is worth it $230.6 billion, according to the Bloomberg Billionaires Index.
Kirkhorn and other Tesla executives were not part of the huge pay raise that the Tesla board awarded Musk in 2018, making him the richest man in the world.
Kirkhorn joined Tesla as a senior financial analyst after two and a half years at consulting firm McKinsey.
He has given no indication of his next move.
Kikhorn studied mechanical engineering at the University of Pennsylvania before spending two and a half years at McKinsey and then joining Tesla
“Being a part of this company has been a special experience and I’m extremely proud of the work we’ve done together since I joined more than 13 years ago,” Kirkhorn wrote in a LinkedIn post Monday.
Musk acknowledged Kirkhorn’s efforts at the company on Monday.
“I want to thank Zach Kirkhorn for his many contributions to Tesla over the course of 13 often difficult years,” he tweeted.
Much appreciated and best wishes for the next phase of his career.
Vaibhav Taneja, Kikhorn’s 45-year-old successor, has served as chief accounting officer since March 2019 and as controller since May 2018.