Summary
This Tesla, Inc. (TSLA) 8-K filing from September 23, 2016, announces a key addition to its finance leadership team. Eric Branderiz has been appointed as the new Vice President, Corporate Controller and Chief Accounting Officer, effective October 24, 2016. Mr. Branderiz brings significant experience from his previous role as Senior Vice President, Corporate Controller and Chief Accounting Officer at SunPower Corporation, where he was responsible for financial accounting and external reporting. This appointment is significant as it bolsters Tesla's accounting and financial reporting infrastructure during a period of rapid growth and increasing complexity for the company. Investors should note the compensation package, including a $300,000 base salary and a substantial $5 million equity grant vesting over four years, reflects the importance placed on this role and the company's strategy to attract and retain top talent in financial management.
Key Highlights
- 1Tesla appointed Eric Branderiz as Vice President, Corporate Controller and Chief Accounting Officer, effective October 24, 2016.
- 2Mr. Branderiz joins Tesla from SunPower Corporation, where he held senior accounting and financial reporting roles.
- 3His responsibilities will include all financial accounting, external reporting, and controllership functions.
- 4Mr. Branderiz will receive an annual base salary of $300,000.
- 5A new hire equity grant valued at $5 million (in RSUs or stock options, or a combination) will vest over four years.
- 6The hiring strengthens Tesla's financial leadership team.
- 7The announcement was accompanied by a press release filed as an exhibit.