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Blog Report: Tesla Loses Another Finance Exec

Tesla Corporate Treasurer and Vice President of Finance Susan Repo has left the company, according to a report from Bloomberg.

Repo, who will reportedly take a chief financial officer job at another company, is the second senior financial executive to leave the company in recent weeks. It was announced last week that Chief Accounting Officer Eric Branderiz departed for personal reasons.

Repo joined Tesla in 2013, according to her LinkedIn profile.

Within the past 12 months, Tesla has also lost Jon McNeill, president of global sales and service; Diarmuid O’Connell, vice president of business development; Kurt Kelty, director of battery technology; Chris Lattner, vice president of autopilot software; and Jason Wheeler, chief financial officer.

 
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A bunch of suits are leaving, could care less about business people. They're not the ones building and creating anything. Are the core team of engineers leaving? Is NVIDIA? What does Elon think is happening?

Me thinks that the boss is making unrealistic public pronouncements. Reminds me of Tucker.

For more than just suits. These people are the ones that get things done. When they quit it speaks volumes.

"Within the past 12 months, Tesla has also lost Jon McNeill, president of global sales and service; Diarmuid O’Connell, vice president of business development; Kurt Kelty, director of battery technology; Chris Lattner, vice president of autopilot software; and Jason Wheeler, chief financial officer."
 
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So, uh, how worried should I be, as a Tesla owner, that the company is shedding executives?

You are probably fine as an owner of the car. If you were a stock owner, well... The balance sheet and cash flow is very concerning if you were investing in their stock. I'm a big investor and own >30 stocks but Tesla isn't one of them anymore despite my love for the brand. Wouldn't touch it with a 50 foot pole (at current prices / debt load / cash burn)...

I do think bankruptcy could be an option in the future if they can't successfully tap the equity markets and slow cash burn. That doesn't mean you wouldn't be able to get service, it would just mean that existing stock and debt holders would get screwed. Tesla would continue to exist in some way shape or form (i.e. GM) and potentially under a different ownership structure. The Supercharger network would continue to function and your service would still be available. A company with an enthusiastic mob of high-income fans willing to pay a premium for a product isn't going away.
 
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Its a shame.

Why didn't someone from the finance department pull elons coat tail and tell him to stop spending so much money? Making cars and great technology does not make a car company profitable. Tesla has to sell....sell.....sell......cars.

Don't get another loan for anything and sell the cars. Their solar department is also tanking the stock price. I just can't believe that they have 500k people waiting for cars....and can't get them out.
 
Its a shame.

Why didn't someone from the finance department pull elons coat tail and tell him to stop spending so much money? Making cars and great technology does not make a car company profitable. Tesla has to sell....sell.....sell......cars.

Don't get another loan for anything and sell the cars. Their solar department is also tanking the stock price. I just can't believe that they have 500k people waiting for cars....and can't get them out.

Agreed, it is so frustrating. Tesla needs a Ruth Porat - Google's CFO hired from Morgan Stanley - to come in and get the capital spend & financials under control. It is one thing to spend aggressively on capital and not care about EPS/EBITDA (see: Amazon) but Tesla's spending is bordering on irresponsible. My fear is that people are telling Elon this, and he doesn't listen or responds in a negative way, so they leave. Maybe I'm reading too many of the short seller notes.

I love the Tesla brand and the cars, and I think that it's highly likely that the Supercharger network and service network will be supported regardless of what happens to the company. But, I'm not 100% sure, and that is one of the final things preventing me from pulling the trigger on a MX. I'm probably too conservative, but I don't want to take delivery of an MX, then read a week later that the company has filed for Ch 11, and then have anxiety over everything related to my sweet ride.
 

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Agreed, it is so frustrating. Tesla needs a Ruth Porat - Google's CFO hired from Morgan Stanley - to come in and get the capital spend & financials under control. It is one thing to spend aggressively on capital and not care about EPS/EBITDA (see: Amazon) but Tesla's spending is bordering on irresponsible. My fear is that people are telling Elon this, and he doesn't listen or responds in a negative way, so they leave. Maybe I'm reading too many of the short seller notes.

I love the Tesla brand and the cars, and I think that it's highly likely that the Supercharger network and service network will be supported regardless of what happens to the company. But, I'm not 100% sure, and that is one of the final things preventing me from pulling the trigger on a MX. I'm probably too conservative, but I don't want to take delivery of an MX, then read a week later that the company has filed for Ch 11, and then have anxiety over everything related to my sweet ride.


But that week will be the best ride of your life. :)

X is truly a ground breaking vehicle.
 
I bet, I wish I had less financial discipline like I did when I was buying a brand new BMW 3 series at 23 with a 50k income. Boy, that was stupid but it was so much fun. From a debt to income ratio, the MX is uber cheap compared to what the BMW cost me 10 years ago.... I think I need at least another year talking it up for my wife to get on board. I did tell her last night, "you know in the next few years I am gonna buy this thing instead of just talk about it." ... and I got "Yes, I know I've been expecting it." as a response so I think we're getting closer.

We're both CPA's and she's much more conservative with things like cars than I am. She will probably drive her Honda Civic until the wheels fall off, and I could never tolerate owning that thing.
 

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