May 21, 2024

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Three top Tesla executives resigned within two weeks

Three top Tesla executives resigned within two weeks

Tesla's Vice President of Investor Relations, Martin Vicha, announced on Tuesday that he is leaving the electric car company after seven years. His exit marks the third departure of a top executive from the challenged automaker in less than two weeks.

Vicha succeeds Tesla Vice President Drew Baglino, who resigned from the company last week. Baglino was one of only four Tesla executives and led the engineering and technological development of the car's batteries. Baglino worked at the company for 18 years and was well known to investors and analysts. In addition, Rohan Patel, the company's vice president of public policy and business development, He said he would part ways with Tesla.

Viecha made his comments at the end of a first-quarter earnings call that many viewed as a critical crossroads for the company after its worst quarter in four years. The call featured a sharper presence from CEO Elon Musk, who had to reassure investors about Tesla's future. Many of those investors would have worked closely with Fisha, who confirmed his departure in his posts X And LinkedIn.

“About a month ago, I spoke with Elon W [chief financial officer] Vaibhav [Taneja]“I announce that I am retiring from the world of investor relations and moving forward,” Vicha said in his post. “Working for Tesla for almost the past seven years has been the greatest privilege of my career.”

Vicha said he was leaving “to take a break and spend a lot of time with my family.”

While Tesla's earnings announcement was encouraging to investors and sent the flagging stock up more than 12% in after-hours trading, the exits alarmed some Tesla investors who criticized Musk. In particular, because Viecha had strong relationships with Tesla investors, including those who were puzzled by some of Musk's behavior.

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talk on CNBCTesla needs “an adult in the room” and Musk rose to the occasion today, said Dan Ives, a technology analyst at Wedbush. However, Ross Gerber cautioned that Ives and others should not over-evaluate Musk's performance during the call with other signals from the company, including executive exits.

“Dan, you're calling the end of the phone with Martin's resignation,” said Gerber, CEO of Gerber Kawasaki Wealth and Investment Management. “You and I have worked with Martin for a long time and he is the glue between management, shareholders and investors.”

According to Gerber, another executive leaving the company, especially during such a sensitive period in its history, could indicate a pattern. “Musk continues to lose experienced senior executives during this really important transition, and I find that troubling,” Gerber said.

He indicated that he agrees with the vision outlined by Musk, but he hopes to see a stronger fit between Musk's talk about his vision and the reality at the automaker.

“The important thing in the room is that there is no demand for the vehicles, even if they fly,” Gerber said.

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