Tesla's chief accountant resigns after less than a month of work

Tesla undergoes another executive reshuffle and investors are nervous.

Actions of You're here (TSLA) On Friday, the company announced that its chief accountant had resigned less than a month after taking office.

Bloomberg News also reported that Tesla's general manager, Gaby Toledano, does not return to the company after taking leave.

In an email to employees, CEO Elon Musk said Toledano was on leave to "spend more time with his family and decided to continue doing so for personal reasons."

Musk also announced some title changes, including a promotion for Jerome Guillen, former vice president of sales and services, who was named president of Tesla automotive and will report directly to Musk.

Musk has not appointed a new account manager or specified who assumes the duties of Toledano.

The departures add to the concern of investors regarding a booming business. CEO Elon Musk designed and quickly canceled a plan to privatize the company. A podcast broadcast on Thursday night with whiskey, a seal and a samurai sword was only the latest example of Musk's eccentric behavior.

Tesla shares have lost a third of their value since August 7, the day Musk announced the privatization plan.

The frames come out

Dave Morton, former CFO at Seagate (STX), had joined Tesla on August 6 as chief accountant. It was the eve of the announcement by Musk of his intention to take the company privately via tweet.

The company said Morton had given notice and left the company on Tuesday.

"Since I joined Tesla on August 6, the level of public attention and pace within the company have exceeded my expectations," said a Morton statement released by the company when filing with Securities and Securities. Commission of exchange. "As a result, it has led me to reconsider my future.

"I want to make it clear that I strongly believe in Tesla, its mission and its future prospects, and I do not disagree with Tesla's leadership or financial reporting," he added.

Toledano, one of the main leaders of the company, reports directly to Musk. She joined Tesla just 16 months ago.

She has an impressive resume: she served 10 years in the management team of Electronic Arts (EA), who has worked at Siebel Systems as a human resources manager and Microsoft (MSFT) and Oracle (ORCL). She sits on the board of four technology companies.

In an interview with the New York Times last month, Musk spoke of the stress Tesla inflicts on him personally, as he works 120 hours a week, sleeps at the factory, isolated from his family and friends. Many experts have suggested that the board of directors of the company must take steps to ensure that it does not run out. Several analysts have argued that the company needs to hire a chief operating officer to help manage the business and ensure the stability of its day-to-day operations.

John Wilson, director of research and corporate governance at Cornerstone Capital Group, said the top executives' revenue should be for investors wanting more stability at Tesla. He called the executive to another red flag.

"He is a visionary … but his job is to be a catalyst, a source of inspiration, not necessarily the person who will achieve it day after day," Wilson said. "Its brilliance can not shine if it does not have this bench of executive strength."

In addition to Morton and Toledano, the company recently lost several other senior executives, including Doug Field, who stepped down from Tesla's position as vice president of engineering in July. Apple (AAPL) where he had already worked. Field was one of the top five leaders of Tesla.

Field left after Musk took office in charge of manufacturing. Tesla struggled to reach production targets for its new cars.

In March, Tesla also lost Eric Branderiz, Morton's predecessor as chief accountant. Branderiz left for "personal reasons" after only 17 months of work.

CNNMoney (New York) First published on September 7, 2018: 9h03 ET