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Not good when a CFO abruptly resigns (or is fired). Usually companies project this quarters ahead to the public, with a soft notice that "XYZ will be retiring
by pdq 3y ago
Not good when a CFO abruptly resigns (or is fired). Usually companies project this quarters ahead to the public, with a soft notice that "XYZ will be retiring next year".
Yes, Kirkhorn "will continue to serve Tesla through the end of the year to support a seamless transition", but this reads as a rush notice.
His IR page is also gone:
https://ir.tesla.com/corporate/zachary-kirkhorn https://ir.tesla.com/corporate/zachary-kirkhorn
- dvt 3y ago> Yes, Kirkhorn "will continue to serve Tesla through the end of the year to support a seamless transition", but this reads as a rush notice. I don't own any $TSLA (or one of their cars), but this is like the opposite of a rush notice. Heck, he will continue working for Tesla for almost half the year. Seems like typical HN "everything Elon does is bad" bandwagoning. I mean, just earlier today the HP CFO resigned[1] and was replaced immediately. [1] https://finance.yahoo.com/news/hewlett-packard-enterprise-cfo-leaves-223151780.html https://finance.yahoo.com/news/hewlett-packard-enterprise-cf...
- throwaway914 3y agobut like.. objectively what he does is bad. I wish there were a smaller bandwagon to bandwagon-onto.
- uristohkrat 3y agoExpand upon your idea: 'but like.. objectively what he does is bad'
- gscho 3y agoNot the OP but we could mention that time where he called a hero a pedophile or when he bought twitter to promote free speech and then banned anyone who said negative things about him. No one human should have 260 billion dollars and be thought of as a good person unless they do a ton of philanthropy.
- upon_drumhead 3y agogreater then 259 billion dollars of philanthropy
- NotSuspicious 3y agoNow, I'm not saying this is the case for Musk, but surely if a person that rich was heavily investing in technological research that resulted in positive feedback loops that benefitted humankind then they would be a pretty good person, right? Who was really a better person: Mother Teresa or Norman Borlaug?
- edgyquant 3y agoNone of this is objective
- throwaway914 3y agoObjectively it is bad to defame and distract from a public servant rescuing kids from a cave. (Objectively.)
- redavni 3y agoBecause all the other humans throughout history that launched a car they built, on a rocket they built did it better, right? To be fair, I am actually still annoyed about the whole x.com thing. They closed my account when they sold to Paypal 23 years ago now. Now it is just some message board.
- hypeit 3y ago> Because all the other humans throughout history that launched a car they built, on a rocket they built did it better, right? Musk has never built a car or a rocket. He raises money and hypes things. He is not a builder. Hell, he tried to get Paypal to switch to Windows because he doesn't even understand Linux.
- Iulioh 3y ago>he will continue working for Tesla for almost half the year Well that's in the the declaration
- frankreyes 3y agoYeah but nobody cares about HP and their silly printers. Also, Elon doesn't have anything to do with HP
- somethoughts 3y agoAlso not sure Tesla shareholders are going to want folks putting HP and Tesla in the same sentence. HP is obviously misfiring so the CFO should be turning over based on historical data so its decidedly not newsworthy. Tesla on the other hand is supposedly firing on all cylinders, so its abnormal for the CFO to exit just before what's expected to be hockey stick profitability given the heavy stock based compensation. HP P/E is 12x. Tesla P/E is 70x. Tesla at HP's multiple would be a $40 stock.
- woah 3y agoYour Tesla's battery cartridge is low on ink. Please replace your Tesla battery cartridge with a certified genuine replacement cartridge at the nearest Tesla dealership.
- OJFord 3y agoYou've run out of non-motorway Watt-hours. Our patented iCohesiveBatt system houses both motorway and non-motorway Watt-hours, and can be replaced as a single unit for your convenience!
- alliao 3y agoJust thought this was funny, as Tesla's engineering HQ is now located in the Stanford Research Park, 3000 Hanover St, where HP was
- hnfong 3y agoHewlett Packard Enterprise is not HP and does not make printers. Perhaps nobody cares about HPE either, but at least get your facts right.
- frankreyes 3y ago
- NotYourLawyer 3y ago[flagged]
- hypeit 3y agoWhen the CEO makes a bunch of fraudulent statements, that is actually bad. It's one thing for people to change jobs, it's another when the guy who is the direct line of fire from Musk's lies leaves. The market can stay irrational for a long time, but at some point reality will enter the equation.
- NotYourLawyer 3y agoHe’s been in that position for 13 years. It’s not like anything Musk is doing is new.
- hypeit 3y agoYou can only keep the corruption going for so long. Maybe there's someone new at the SEC that will actually go after him, maybe the shareholder have finally had enough. It could be anything but the CFO headed for the door in a company notorious for fraud speaks to a potential reckoning.
- NotYourLawyer 3y agoThis is such a ridiculous take it doesn’t even bear responding to.
- henrikschroder 3y ago> Heck, he will continue working for Tesla for almost half the year. Learn to read between the lines. Remember how their director of AI, Karpathy, went on a sabbatical? That was also a lie.
- Ryder123 3y agoDo we know whether "the end of the year" is the fiscal year or calendar year? Given the context fiscal year seems very plausible, and that's less than 2 months away.
- red-iron-pine 3y agoHP is not a great comparison for... anything. maybe trainwrecks or dumpster fires.
- toomuchtodo 3y agoHe has worked at Tesla for 13 years. When would be the right time to go? He’s already done very well from his stock grants.
- NotYourLawyer 3y ago4 months seems like plenty of notice, and the opposite of a rush.
- boringg 3y agoExactly and hes a CFO not a product leader. Much easier to replace and the learning curve is easier
- Kranar 3y agoJust to put things in context, the average tenure of a CFO among S&P 500 companies is 3.5 years. I don't think that's a big deal, but apparently people commenting here think a CFO departing is some kind of major signal of something. At any rate, it's at least worth knowing quantitatively that this happens once every 4 years or so.
- catchnear4321 3y agoagreed, it’s a signal, and in isolation it doesn’t signal much more than the passing of time. there are any number of things that might cause one to make such a transition, many of which having nothing to do with the company being departed. and, yes, many that do. it could be because he’s going to be 40 not all that long from now, perhaps a midlife crisis, or an attempt to avert one. or maybe he discovered his true passion in life, basket weaving. (mid-life crisis? mid-life catharsis!) maybe musk didn’t like his dinner choice. maybe zach laughed when musk said he’d beat zuck in that fight. maybe he failed to laugh at the right time. right now? who knows. but a cfo departure with a few months of wind down isn’t conclusive of much more than the cfo leaving and providing a few months of transition time to their successor and the company.
- _ea1k 3y agoThe only part that surprises me is that he's so young and leaving this quickly. I can't see him retiring, so what looks more appealing right now?
- paulmendoza 3y agoHe only worked for the company for 13 years!
- _ea1k 3y agoTrue, but only CFO for <5, I think? I just can't imagine a lot of bigger opportunities. Then again, maybe he wants less stressful opportunities. I'm sure there are plenty of those.