Tesla Loses VP Of Worldwide Finance After Strings Of Top Executives Resignation In Weeks

Tesla Inc. Gigafactory 2
Justin McAnear left his job as vice president of worldwide finance in Tesla. He confirmed his last day with the company is on Oct. 7.
(Photo: REUTERS/Brendan McDermid)

Justin McAnear is leaving Tesla and his last day at the electric-car maker is set on Oct. 7. The vice president of worldwide finance has resigned from Tesla to become a chief financial officer at a yet unspecified firm.

In a statement first reported by CNBC, McAnear revealed that he announced his resignation to his team several weeks ago. The executive said he loved the time he spent with Tesla, highlighting his high respect for his colleagues and how they perform their jobs in the company. As much as he loves working for the company, founded by Elon Musk, is the CFO of the unnamed company is something that he could not just pass up, McAner said. The executive said that members of the team will assume the role after his departure.

McAnear dismissed negative speculations and rumors about his resignation, describing them as merely inaccurate information.

McAnear is a U.S. Navy aviator. He joined Tesla in 2015. He was finance director for Apple Inc. before joining Tesla. He also previously worked at Johnson & Johnson. 

Bloomberg noted that Tesla had a high rate of executive resignations this year and its finance department seemed to have contributed greatly to the attrition rate. McAnear is the fourth executive to leave Tesla's finance department this year. He was also the fourth to resign in the previous week.

The former head of human resources Gabrielle Toledano, former head of communications Sarah O'Brien, and former chief accountant Dave Morton all resigned the previous weeks. In March, Tesla has lost its chief accounting officer Eric Branderiz and corporate treasurer and vice president of finance Susan Repo.

The strings of Tesla executive resignation that took place from since last week unfolded as the company's Chief Executive Officer Elon Musk has been heavily criticized about his leadership and retain members of its top management.

Romit Shah, an analyst for Nomura Instinet, told Bloomberg Tesla is already giving market observers the impression of instability. 

In August, Musk tweeted about his plans of making Tesla private with the U.S. Securities and Exchange Commission subsequently issuing a subpoena for him. Last week, Musk was heavily condemned after smoking marijuana in one of a podcast he attended.   

Indeed, Tesla's share dipped last week to their lowest in nearly more than five months. One of Tesla's biggest bulls from Wall Street expressed pessimism about the stock. He cut his rating of Tesla's share prices this week. He also described the stock as "no longer investable" and a lot of that is because of Musk's questionable behavior and seemingly weakening decision-making skills.

© 2018 Business Times All rights reserved. Do not reproduce without permission.