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Tesla is to shake up his board



The electric car maker said it wants to "streamline" corporate governance because its board has grown by four members in the past five years. This has meant that "certain areas of experience or expertise" are duplicated among directors, the company said in a file. Now Tesla shakes things up so that the board can "work nimbly and efficiently".

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

"Such agreements did not result from any disagreements between Tesla and one of these directors," the company said ,

Cautious Tesla investors also plead for tightening control of 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 that Tesla more closely controlled Musk's power after he accused him of misleading investors with his tweets to privately take Tesla. However, their dispute is far from over: The SEC has since encouraged Musk to refuse to comply with other provisions of the ruling and wants to scorn him.

Tesla's Friday filings say executive board members include Johnson's chairman and CEO, Linda Johnson Rice Publishing, who joined the board in 201

7. 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 he is director of Musk's rocket company SpaceX.

Jurvetson, who is expected to retire in 2020, returned to Tesla this month after spending a year on leave, which he began reporting on inappropriate workplace behavior and harassment. Jurvetson has denied the allegations.

A new act states that the Tesla Board 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 one at a time wealth rich in diverse experience and expertise. "

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

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 settlement.

Kimbals Musk, Elon's brother, also has a seat on the board of directors.

When shareholders approve a plan to restructure the remainder of the board's mandate, the director's term is fixed instead of two years to two years.

Chris Isidore contributed to the coverage.


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