The former Tesla CFO, who stepped down Friday, earned an astonishing $590 million in his final 4 years with the corporate, Bloomberg reported Tuesday.
Zachary Kirkhorn, 39, stepped down as Tesla’s CFO after 13 years with the corporate.
His departure raised questions on who may succeed the 52-year-old Musk.
Tesla has no clear second-in-command, however Kirkhorn had been mentioned by the board as a doable successor to Musk as CEO. The Wall Street Journal reported in May.
While he’s now not CFO, he’ll stay with the Austin, Texas-based firm by way of the tip of the 12 months to “support a seamless transition,” the corporate stated.
Vaibhav Taneja was named CFO along with his present position as chief accounting officer, the corporate stated in a submitting Monday.
Zachary Kirkhorn, 39, introduced Friday that he’s stepping down as chief monetary officer
Musk thanked him on Monday for his work over the previous 13 years, together with 4 years as CFO
Kikhorn has been described as a peaceful presence amongst Tesla executives and somebody who helped flip Musk’s concepts into actuality.
Sources informed The Wall Street Journal that the pair resembled the legendary Apple executives, evaluating Kikhorn to Tim Cook and Musk to Steve Jobs.
It emerged on Tuesday that the University of Pennsylvania-educated government earned $590 million since being named CFO in March 2019.
The remuneration was largely given in shares and choices, Bloomberg reported.
Kirkhorn’s compensation was comparatively modest, with a base wage of $300,000 in 2022.
He additionally acquired $31,099 in beforehand accrued paid day off that was utilized to the acquisition of a Tesla, in accordance with the corporate’s most up-to-date proxy submitting.
He cashed in $6 million in Tesla inventory this 12 months.
During his time as CFO, Kirkhorn bought roughly $49 million value of Tesla inventory, in accordance with Equilar.
His fortune pales compared to his boss, who’s value it $230.6 billion, in accordance with the Bloomberg Billionaires Index.
Kirkhorn and different Tesla executives weren’t a part of the massive pay increase that the Tesla board awarded Musk in 2018, making him the richest man on the planet.
Kirkhorn joined Tesla as a senior monetary analyst after two and a half years at consulting agency McKinsey.
He has given no indication of his subsequent transfer.
Kikhorn studied mechanical engineering on the University of Pennsylvania earlier than spending two and a half years at McKinsey after which becoming a member of 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 put up Monday.
Musk acknowledged Kirkhorn’s efforts on the firm 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 finest needs for the subsequent section of his profession.
Vaibhav Taneja, Kikhorn’s 45-year-old successor, has served as chief accounting officer since March 2019 and as controller since May 2018.