Wednesday, July 24, 2019
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Tesla is to shake up his board

The electric car maker said it wants to "streamline" corporate oversight because its board has grown by four members over the last five years. This has meant that "certain areas of experience or expertise" are duplicated among directors, the company said in a file. Now Tesla is shaking Things to make the board "nimble and efficient".

Two directors have agreed not to stand for reelection at Tesla's annual meeting this year, and two more will leave by 2020 or 2021.

"Such agreements have not led to disagreements between Tesla and one of these directors," the company said.

Cautious investors from Tesla also pleaded for tightening supervision over CEO Elon Musk. The disclosure will only be four months after Tesla has added two new board members under a settlement agreement that Musk and Tesla have reached with the Securities and Exchange Commission (the Securities and Exchange Commission). The agency wanted Tesla is testing the power of Musk Stricter after he accused him of misleading investors with his tweets, taking Tesla privately. However, their dispute is far from over: The SEC has since encouraged Musk to defend himself against other provisions of the ruling and wants to scorn him.

Tesla's Friday filings indicate that outgoing board members include Linda Johnson Rice, chairman and CEO of Johnson Publishing, which joined the board in 2017. The others – Brad Buss, Antonio Gracias and Steve Jurvetson – have been with the company for nine years.

Jurvetson is considered a close ally of Musk. The venture capitalist was one of Tesla's first investors and is director of Musk's rocket company SpaceX.

Jurvetson, who is expected to retire in 2020, returned to Tesla this month after taking a one-year hiatus. He began reporting reports of inappropriate workplace behavior and harassment. Jurvetson has denied the allegations.

A new act states that Tesla's Board of Directors is confident that "with three remaining independent members", it will be able to bring Tesla with new perspectives, balanced by deep historical knowledge of our business, and the diverse experiences and experiences To retain expertise. "

& # 39; Put on your sanity pants: The judge gives Musk and SEC two weeks to settle the dispute over tweets

Critics have said that some "independent board members" of Tesla are not so independent. Oracle Larry Ellison reportedly had close ties to Musk before boarding. He was one of the members who hired Tesla to comply with the SEC rules.

Other independent directors include 21st Century Fox James Murdoch and Walgreens' Global Human Resources Director Kathleen Wilson-Thompson. Wilson-Thompson was the other independent director elected after the SEC resolution.

Kimbal Musk, Elon's brother, also has a seat on the board.

If shareholders approve a plan to restructure the remaining board mandates, the term of office of the board members will be shortened to two years instead of three.

Chris Isidore contributed to the coverage.

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