BofA update shows where active managers are putting money
Investing.com -- Tesla (NASDAQ:TSLA) has appointed Raj Jegannathan, a senior information technology executive, in charge of its sales team as the electric vehicle maker faces declining demand, according to a Reuters report late Friday.
Jegannathan, who oversees various IT and data functions at Tesla, recently assumed the sales role following the departure of Troy Jones, Tesla’s former top sales executive in North America who left the company earlier this month after 15 years of service.
Despite having no traditional sales experience based on his LinkedIn profile and reports from inside the company, Jegannathan has recently developed a closer relationship with CEO Elon Musk. It remains unclear whether his appointment to the sales position is temporary.
The leadership change comes at a challenging time for Tesla, which has experienced a sharp drop in demand for its vehicles in Europe and North America. The company’s quarterly sales fell 13% in its most recent quarter, reaching their lowest level in nearly three years.
This sales decline has been attributed to several factors, including negative reaction to Musk’s political statements, Tesla’s aging vehicle lineup, and increased competition from rivals offering more affordable electric vehicle options.