In a significant development, Tesla Motors Inc (NASDAQ:TSLA) Chief Executive Officer, Elon Musk announced the retirement of Chief Financial Officer, Deepak Ahuja at the firm’s annual meeting. However, Ahuja will stay on till a suitable successor is found. Ahuja would also assist in the transition as well as new CFO hiring. He was a former Ford Motor Company (NYSE:F) executive who moved to Tesla seven years ago as its first CFO.
His retirement is at the juncture of the organization being on the threshold of a period of intensive growth matched by as much intensive spending.
CEO Elon Musk praised Ahuja in glowing words holding the latter instrumental in Tesla weathering challenges in its initial phase. He added that as CF0, Ahuja helped steer the firm via multiple investment rounds and helmed the effort for Tesla to go public. He listed Ahuja’s other achievements included facilitating Tesla’s transformation into a strong business entity as well as assembling a very capable finance team.
Ahuja described his stint at Tesla as a “nonstop adrenaline rush” and that now he needed to pursue other goals. The announcement came after markets closed on Tuesday. Tesla shares did not see any discernible change on account of the development. Ahuja also looked back at his tenure as a “remarkable journey of self-discovery” and “a very fast rollercoaster ride”. He also described his decision to retire as CFO as not easy but said he had helped build a robust foundation to ensure Tesla’s long-term success.
Ahuja said that he would miss the energetic environment of Tesla to a room sandwiched with Tesla shareholders at the Computer Museum in Mountain View, California. Ahuja was one among a group of Tesla’s long-serving executives. He essayed a substantial role in Tesla’s journey from startup to a prominent electric car maker. He adeptly navigated the organization through its initial public offering as well as managed its post-IPO financing.
Elon Musk summed up Ahuja’s tenure by saying that what he achieved was nothing short of amazing.