Tesla CEO Elon Musk to leave Tesla after two years

Tesla CEO and former CEO Elon N. Musk will step down after two and a half years as CEO, the company said Monday.

Musk, who has been at Tesla for two decades, will be replaced by CEO JB Straubel.

The announcement came after Tesla’s stock fell nearly 8% Monday, after Straubels departure from the company.

Tesla shares fell nearly 15% Monday.

The company said in a statement that Straubers leadership had resulted in significant cost savings in its capital expenditures and reduced overall operating costs.

The company said that Straubeers efforts in reducing costs and improving the company’s business environment have been recognized, and his continued leadership will be greatly appreciated by all employees, employees and customers.

Tesla said Straubler will continue to lead the company and the company expects that he will continue providing his unique and unique perspective as Tesla’s CEO.

“I want to thank Elon for all his hard work and commitment to Tesla, and I wish him all the best in the future,” said Tesla CEO J B Straubell.

“My only wish is that the world at large is better off for him and his company,” Straubll said.

Straubles tenure at the company began in October 2017.

The Tesla board of directors approved his appointment on Monday.