Tesla’s director of accounting controllership, Harsh Rungta, has left the automaker and joined eVTOL plane producer Archer Aviation.
Rungta has been at Tesla for greater than 6 years.
He got here from PricewaterhouseCoopers LLP (PwC), Tesla’s impartial registered public accounting agency, and have become Tesla’s Director of Automotive Income & Power Enterprise Controller.
Based on his obligations listed on his LinkedIn profile, he was in command of all company accounting at Tesla:
• Lead the company accounting perform together with technical accounting for complicated areas like income, leases, debt financing and many others. and SEC reporting e.g. 10K/10Qs and 8-Ks.
• Handle the complete monetary statements and month-to-month/quarterly monetary shut course of
• Work carefully with C-Suite and cross perform groups on varied strategic enterprise initiatives together with new product/income stream roll outs, new market launches, new manufacturing web site commercialization
• Handle topline of the Firm throughout all companies (automobiles, power storage, photo voltaic, subscription, AI, insurance coverage, after sale providers)
• Work with provide chain, manufacturing facility and product leaders, IT group on optimizing procurement to value accounting.
• Closely concerned in monetary planning, month-to-month, quarterly forecasting, and plan to precise evaluation.
• Carefully work with IR and authorized on Shareholders Letter for Earnings name.
• Liable for reviews to Audit Committee for quarterly monetary outcomes and operational updates.
• Oversight of the monetary statements of 80+ partnership constructions involving exterior buyers fund accounting involving fairness tax constructions with exterior buyers and statutory filings for insurance coverage enterprise entities
• Spearheaded establishing of processes, programs and controls to operationalize new launches like insurance coverage, captive financing, crypto investments and fee acceptance, software program and SAAS merchandise.
• Handle finance transformation workforce on course of optimization.
• Oversee IT system implementations in partnership with IT group and Inner Audit.
• Oversee SOX compliance program and handle exterior auditor relationship.
Final yr, he was promoted to ‘director, accounting controllership’, which usually oversees and manages all monetary and accounting operations of an organization.
In 2023, Tesla’s Chief Monetary Officer (CFO), Zachary Kirkhorn, left and was changed by then Chief Accounting Officer, Vaibhav Taneja.
Tesla hasn’t introduced a brand new Chief Accounting Officer since Taneja took over the CFO function, which ought to make Rungta Tesla’s high accounting controller.
In an replace to his LinkedIn profile this week, Rungta confirmed that he left Tesla and he’s now ‘SVP Finance & Chief Accounting Officer’ at Archer Aviation.
We not too long ago reported that Tesla additionally misplaced one among its high designers to Archer.
Rungta, who was a giant a part of Tesla’s quarterly monetary outcomes, is leaving simply two weeks earlier than the automaker is anticipated to launch its Q1 2025 monetary outcomes.
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