Another veteran executive has left Tesla, adding to the wave of resignations at the $700 billion electric vehicle company this year.
Sreela Venkataratnam announced on LinkedIn that she is leaving Tesla after 11 years. She said she plans to take a break, spend quality time with her family, reconnect with old friends, and focus on her personal well-being.
Her departure follows at least six other high-profile executives who left Tesla this year. The company has also seen massive layoffs, including nearly the entire Tesla Supercharger team.
In April alone, three top executives quit within two weeks: longtime vice president of investor relations Martin Viecha, senior vice president Drew Baglino, and vice president of public policy and business development, Rohan Patel.
Venkataratnam called her time at Tesla “nothing short of extraordinary.” She joined the company when its revenue was less than $1 billion, and it had a market cap of under $4 billion. By the time she left, annual revenues were nearing $100 billion, and the market cap had hit $1 trillion during the pandemic before dropping.
Tesla has faced challenges in recent years, including a 30 per cent decline in value, hiring slowdowns, and job cuts.
The company also suspended its summer internship program. Despite these issues, Tesla investors reapproved Elon Musk’s $56 billion pay package this year after it was rescinded by a judge in January.
Venkataratnam’s exit leaves only one woman in a VP role at Tesla. Her departure follows another top female executive, Allie Arebalo, who was head of human resources and left after six years.
Venkataratnam expressed her gratitude for her time at Tesla and hopes to find another “incredible opportunity like Tesla” when she’s ready to work again. Colleagues and supporters wished her well, including Jason Wheeler, who said, “It is definitely not for the faint of heart! It was great working with you especially during those tough days!”
Not all Tesla departures have been as positive. In May, Rich Otto, head of product launches, quit during the layoffs and said the cuts were “rocking the company and its morale.”
Otto added, “Great companies are made up of equal parts great people and great products, and the latter are only possible when its people are thriving.” He felt that job cuts and their impact on workplace culture disrupted the harmony at Tesla, leading him to seek a change.
“It’s a company I love and that has given me so much, but has also taken its pound of flesh,” Otto wrote.
Tesla did not immediately respond to a request for comment.
