Tesla's first-quarter loss was 'catastrophic' and the board should hold CEO Elon Musk responsible, says management expert Jeffrey Sonnenfeld.
Tesla's first-quarter loss was"catastrophic" and the electric auto maker's board should hold CEO Elon Musk responsible, management expert Jeffrey Sonnenfeld told CNBC on Thursday.
Shares of Tesla were under pressure early Thursday after the company posted late Wednesday an adjusted loss of $2.90 per share for the first quarter. That was four times worse than Wall Street analysts had expected. Revenue was also below forecasts as demand for its electric cars waned. Sales of its vehicles rose 36% to $3.72 billion from $2.74 billion a year ago. But that was down 41% from the fourth quarter.
However, Sonnenfeld, with decades of experience studying CEO leadership and corporate governance, characterized Tesla's financial results as the"worst disaster" in the technology sector that"a lot of us can remember in a long time." It was especially bad for a company with a stock market value as large as Tesla, he added. Ahead of Thursday trading, Tesla's market cap was nearly $45 billion.
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