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Tesla's Chief Accounting Officer Leaves Company One Month After Taking The Job

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Tesla's Chief Accounting Officer Leaves Company One Month After Taking The Job
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Tesla Inc (NASDAQ: TSLA)’s chief accounting officer has called it quits after less than a month on the job.

What Happened

CAO David Morton joined the team Aug. 6 and provided notice of his immediate resignation Sept. 4, according to a company 8-K filing. Morton claimed he couldn’t keep up with the company’s jarring path.

“Since I joined Tesla on August 6th, the level of public attention placed on the company, as well as the pace within the company, have exceeded my expectations,” he was quoted as saying in the regulatory filing. “As a result, this caused me to reconsider my future. I want to be clear that I believe strongly in Tesla, its mission, and its future prospects, and I have no disagreements with Tesla’s leadership or its financial reporting.”

CNBC reported Friday afternoon that Morton was concerned with CEO Elon Musk's lack of attention to the accounting details surrounding a transaction to take Tesla private. 

"After two weeks or so at the company, Morton concluded he wasn't being heard or understood," according to the CNBC story, which quoted an anonymous source close to Morton. 

On Friday, just days after Morton's resignation, Tesla's head of human resources, Gaby Toledano, announced that she would not return from a leave of absence taken last month. 

Why It’s Important

The departures extend an impressive period of churn among high-ranking Tesla staff. This year saw a sabbatical for the senior vice president of engineering, as well as the exits of another senior engineer, the Autopilot lead, two top financial executives, the sales chief and the firm’s primary contact with U.S. regulators.

The exodus continues amid ongoing criticism over Musk’s leadership, concern over the automaker’s general prospects, and fresh legal issues over market manipulation.

What’s Next

As they had before and during Morton’s transition to CAO, Tesla’s CFO and corporate controller will oversee the firm’s accounting functions and personnel.

Tesla's stock dropped 6 percent in Friday's pre-market session, trading around $263.55 at time of publication.

Related Links:

Andrew Left Accuses Tesla, Elon Musk Of Stock Manipulation In Class Action Lawsuit

Tesla's Stock Under Pressure After Musk Renews Attack On British Cavediver

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