Tesla’s top financial controller leaves (TSLA)

Tesla’s director of accounting controllership, Harsh Rungta, has left the automaker and joined eVTOL aircraft manufacturer Archer Aviation.

Rungta has been at Tesla for more than 6 years.

He came from PricewaterhouseCoopers LLP (PwC), Tesla’s independent registered public accounting firm, and became Tesla’s Director of Automotive Revenue & Energy Business Controller.

According to his responsibilities listed on his LinkedIn profile, he was in charge of all corporate accounting at Tesla:

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• Lead the corporate accounting function including technical accounting for complex areas like revenue, leases, debt financing etc. and SEC reporting e.g. 10K/10Qs and 8-Ks.
• Manage the full financial statements and monthly/quarterly financial close process
• Work closely with C-Suite and cross function teams on various strategic business initiatives including new product/revenue stream roll outs, new market launches, new manufacturing site commercialization
• Manage topline of the Company across all businesses (vehicles, energy storage, solar, subscription, AI, insurance, after sale services)
• Work with supply chain, factory and product leaders, IT organization on optimizing procurement to cost accounting.
• Heavily involved in financial planning, monthly, quarterly forecasting, and plan to actual analysis.
• Closely work with IR and legal on Shareholders Letter for Earnings call.
• Responsible for reports to Audit Committee for quarterly financial results and operational updates.
• Oversight of the financial statements of 80+ partnership structures involving outside investors fund accounting involving equity tax structures with outside investors and statutory filings for insurance business entities
• Spearheaded setting up of processes, systems and controls to operationalize new launches like insurance, captive financing, crypto investments and payment acceptance, software and SAAS products.
• Manage finance transformation team on process optimization.
• Oversee IT system implementations in partnership with IT organization and Internal Audit.
• Oversee SOX compliance program and manage external auditor relationship.

Last year, he was promoted to ‘director, accounting controllership’, which generally oversees and manages all financial and accounting operations of a company.

In 2023, Tesla’s Chief Financial Officer (CFO), Zachary Kirkhorn, left and was replaced by then Chief Accounting Officer, Vaibhav Taneja.

Tesla hasn’t announced a new Chief Accounting Officer since Taneja took over the CFO role, which should make Rungta Tesla’s top accounting controller.

In an update to his LinkedIn profile this week, Rungta confirmed that he left Tesla and he is now ‘SVP Finance & Chief Accounting Officer’ at Archer Aviation.

We recently reported that Tesla also lost one of its top designers to Archer.

Rungta, who was a big part of Tesla’s quarterly financial results, is leaving just two weeks before the automaker is expected to release its Q1 2025 financial results.