Tesla Hires Experienced Solar Industry Executive
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What happened?
Tesla Motors (NASDAQ: TSLA) announced on Friday morning it is hiring former SunPower executive Eric Branderiz to join the company as Vice President, Corporate Controller and Chief Accounting Officer.
Branderiz brings to Tesla six years of experience at SunPower, where he most recently held a position of Senior Vice President, Corporate Controller and Chief Accounting Officer.
Does it matter?
Branderiz is an important hire for Tesla, as it brings expertise to two areas where the company is trying to step up its game: accounting and solar.
Tesla hired former vice president of finance from Google late last year as its new chief financial offer as the company focuses on generating positive operating cash flow to help fund aggressive growth ambitions. Adding to its accounting team, Tesla's hire of Branderiz, who, a Tesla filing with the SEC on Friday notes, will receive a base salary of $300,000 and a $5 million equity grant, emphasizes the company's commitment to focus more on finances. This is good for investors because Tesla CEO Elon Musk has admitted he spends about 80% of his time on product development.
Branderiz also highlights Tesla's growing focus on solar as the company attempts to acquire solar company SolarCity, and as Tesla plans to unveil a new integrated solar roof and battery storage product in partnership with SolarCity next month.
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Daniel Sparks owns shares of Tesla Motors. The Motley Fool owns shares of and recommends Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.