Tesla loses 2 senior financial execs as Model 3 progress report looms

19 March 2018 - Autoblog

Tesla loses 2 senior financial execs as Model 3 progress report looms

An update on Model 3 production progress is expected next month

Two of Tesla's most senior financial executives have left the company in successive weeks as the electric car maker approaches the end of its first quarter and prepares to update investors and industry analysts on its progress ramping up production of the closely watched Model 3 sedan.

Bloomberg reports that Susan Repo, Tesla's  corporate treasurer and vice president of finance, has left the company to become chief financial officer at another company. Her departure comes on the heels of the exit of Chief Accounting Officer Eric Branderiz, who left "for personal reasons," Tesla said in a March 7 SEC filing.

In a statement sent to Autoblog, a Tesla spokesperson said "We'd like to thank Susan for her five-year contribution to Tesla and congratulate her on becoming a CFO. Tesla's Ron Klein has been promoted to Treasurer." Klein's previous job title was assistant treasurer, principal, according to his LinkedIn profile.

The company is expected to report production and delivery numbers in early April for the first quarter. Investors will be closely watching to see whether Tesla has hit its target of producing 2,500 Model 3s per week, a target that has been delayed several times by CEO Elon Musk amid well-publicized "production hell" issues affecting output.

Tesla in its most recent letter to investors said it expects to begin generating positive quarterly income "at some point in 2018" on a sustained basis and said it expected to be producing 2,500 Model 3s per week by the end of March and 5,000 per week by the end of the second quarter. But it acknowledged difficulty in "forecasting specific production rates at specific points in time." Delays in Model 3 deliveries have spurred frustrations among some reservation holders who have turned to alternatives like the Chevrolet Bolt.

Tesla shares were down nearly 2 percentage points in morning trading. The Street writes that "losing two people overseeing the finances of a money-losing electric car company that has a history of execution missteps, weeks removed from the end of the first quarter, is a big red flag. Buyer beware."

In addition to the latest departures, Tesla lost its president of global sales and service, Jon McNeill, in February after he left to become chief operating officer at Lyft, according to Bloomberg.

News By Tags

A1A2ACAPAcidentealfa romeoAlfa Romeo GiuliaAlgarveAljustrelAmaranteappleArcos de ValdevezAssociação Automóvel de Portugalaston martinauctionaudiAudi A3Audi A4Audi A6Audi e-tronAudi q8Audi R8Audi Rs4Audi Rs6Autódromo Internacional do AlgarveBarcelosBarreiroBejabentleybikebikesBMWBMW 1 SeriesBMW 2 SeriesBMW 4 SeriesBMW 8 seriesBMW M3BMW M4BMW m5BMW X3BMW X5BMW x7bmw z4bombeirosBragaBrasilBrazilBrexitBugattibuying guideCabrioCaminhaCampeonato de Portugal de KartingCampeonato de Portugal de RalicrossCampeonato Nacional de Velocidadecar buying guidecar rentCarlos GhosnCarro elétricocarros usadosCarta de conduçãoCascaisCastelo BrancochevroletchinaChryslercitroenclassicclassic carclassicsCoimbraconvertiblecoronavirusCrash Testcrash testsCristiano RonaldoCupraCupra Formentorcustom cardaciaDacia DusterDacia Sanderodieseldiesel scandaldieselgatedrag raceDucatielectricEMELemissionsEspanhaEspinhoEstacionamentoestradasEUEuropaeuropeevFafeFaroFCAFederação de Motociclismo de PortugalFerrariFiatFiat 500Fiat 500eFiat 500XFiat PandafordFord FiestaFord Focusformula 1FranceFrankfurt Motor ShowGenesisGeneva Motor ShowGermanyGNRGondomarGoogleGovernoGuimarãeshondaHonda CivichybridHyundaiHyundai i20Hyundai Santa FeHyundai TucsonISVitaliaItalyJaguarjeepJeep CompassJeep GladiatorJeep WranglerkiaLA Auto ShowLamborghiniLancialand roverLand Rover DefenderLand Rover DiscoveryLeirialexusLisboaLisbonLotusLouléMaçãoMadeiraMaiaMarco de CanavesesMatosinhosmatrículasmazdaMazda CX-5Mazda MiataMcLarenMercado automóvelmercedesMercedes A-classMercedes S-ClassmetroMGminiMini CooperMini CountrymanMini John Cooper WorksMitsubishiMitsubishi OutlanderMontalegreMorganMOTOCROSS E ENDUROmotorcyclemotorsportNew York Auto ShownissanNissan LeafNissan QashqaioffroadOlhãoOliveira de AzeméisopelOpel AstraOpel CorsaOpel MokkaOvarPalmelaparcómetrosParedesPenafielPeugeotPeugeot 208Peugeot 308Peugeot 5008Peugeot 508Peugeot 508 SWpickuppolicePonta DelgadaPonte de LimaPorschePorsche 911Porsche CayennePorsche MacanPorsche PanameraPorsche TaycanPorsche Taycan Cross TurismoportagensPortimãoPortoPortugalpreçosProdução automóvelPSAPSPradaresRalicrossRamRange RoverRange Rover EvoquerecallrenaultRenault CapturRenault DusterRenault MeganeRenault Zoerent a carreplicarestorationsafetysafety ratingsSafety testsSamsungSanta Maria da FeiraSantaremSanto TirsoSão João da MadeiraSão MiguelseatSeat CupraSeat LeonSeat TarracoSergio MarchionneSetubalSintraskodasmartSmart ForTwospainspy shotsStellantissubarusupercarssuvsuzukiSuzuki JimnytaxitechnologyteslaTesla Model 3Tokyo Motor ShowtoyotaToyota AygoToyota CorollaToyota HiluxToyota Land Cruisertoyota supraToyota YarisTroféu BetatrucktuninguberukUnited StatesUSAused car buying guideValençaValongovendasVendas de carrosViana do CasteloVieira do MinhoVila Nova de FamalicãoVila Nova de GaiaVila RealVila VerdeViseuvolkswagenVolkswagen GolfVolkswagen ID.4Volkswagen T-RocvolvoVolvo XC40vwVW CaddyVW golfVW PoloVW T-RocYamaha