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4 of 11 Tesla Board Members to Step Down by 2020

In November 2018, Musk was replaced by Robyn Denholm as the chairperson of the company’s board

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Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

In a move that is likely to weaken the powers of Electric Vehicle (EV) maker Tesla Founder Elon Musk and cut some of his strongest allies from the board of directors, the company has said that four of its 11-member board would step down by 2020, thus shrinking the board’s size by more than a third.

The EV maker reportedly said two directors plan to leave its board in June and two more intend to step down next year as part of a move to improve corporate governance of the electric car company.

“Brad Buss, a member of the board since 2009, and Linda Johnson Rice, who joined two years ago, have asked not to be re-elected when shareholders convene on June 11 for Tesla’s annual general meeting, the company said in a preliminary proxy statement,” The New York Times reported late on Friday.

The departing members of the board include Antonio Gracias and Stephen Jurvetson — close friends of Musk who are also directors in SpaceX, Musk’s space launch company.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

A member of the board since 2009, Buss was also the Chief Financial Officer of solar panel installer SolarCity for two years until Tesla acquired the firm in 2016.

“Shrinking the board will ‘allow it to operate more nimbly and efficiently’,” the company was quoted as saying in The NYT report.

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In November 2018, Musk was replaced by Robyn Denholm as the chairperson of the company’s board.

Musk had agreed to step down as the Chairman of Tesla for three years and pay a $20 million fine in a deal with the stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges. (IANS)

Next Story

Electric Vehicle Maker Tesla Teases Model S with ‘Plaid Powertrain’

Earlier, Musk had said that Tesla was reserving the "Plaid mode", which is a reference to Spaceballs like Tesla's other performance modes, for the next-generation Roadster

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tesla
Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

Electric Vehicle (EV) maker Tesla has released a video showing a Model S with a ”Plaid powertrain” and a new ”chassis prototype” that its CEO Elon Musk reportedly said can go faster than the “ludicrous” speed the company”s vehicles currently achieve.

Musk said that they broke the fastest lap record for 4-door vehicles with a Model S at the Laguna Seca racetrack, and they are going to release a video about it soon. The automaker has now released the video, but we learn that the vehicle has been modified, Electrek reported on Wednesday.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

With this new version of the Model S, the EV maker completed a 1:36.555 lap time, achieving a new record lap for a four-door sedan, which is a big improvement over the previous best time in a Tesla Model S P100D.

Also Read- Researchers Report Two Newly Discovered Species of Electric Eels in South America

Earlier, Musk had said that Tesla was reserving the “Plaid mode”, which is a reference to Spaceballs like Tesla”s other performance modes, for the next-generation Roadster. (IANS)