Tesla's CEO, Elon Musk, announced on Thursday that JB Straubel, the company's CTO and co-founder, will be leaving his post and moving to an advisory role. His position will be filled by Drew Baglino.
Straubel oversaw many projects during his time as part of the carmaker's top management, such as the company's renowned battery technology, its power electronics, motors, software, and controls, among others.
The announcement of his departure comes directly after Tesla's second-quarter earnings call on Wednesday. One that left a bit to be desired.
Tesla's disappointing earnings report
Straubel will still keep a foot in the door as part of his upcoming advisory role, as he said: "I'm excited to stay involved in some of our core technologies and all that and help where I can."
He didn't forget to mention that it's "not an executive type role."
Drew Baglino will be taking on his position as CTO.
Straubel isn't the first of Tesla's top-ranking executives to leave his post in recent months. Steve McManus, the vice president who looked after the engineering of the interior and exterior of the cars left the company to join Apple this month.
Michael Schwekutsch, Tesla's former vice president in charge of electric powertrains engineering also left the company to join Apple's ranks.
On top of these departures, the company's less-than-stellar earnings report showed a higher loss than expected as well as a lower revenue gain. This resulted in a 10 percent drop in the company's shares.
After Q2 earnings sliced 9% off #Tesla’s shares, the fears that the outlook is increasingly worrisome has seen shares taken down a further step. 🚗@JeremyNaylor_IG looks at the argument for a further leg lower.— IG TV (@IGTV) July 25, 2019
Get the latest $TSLA share price here: https://t.co/EzbnXl0stX pic.twitter.com/BxylcOvvHy
It's not looking very promising as Tesla's management plays a game of musical chairs. Let's see who's next in line.