Four Tesla directors to leave company in board streamlining

Tesla to Shrink Board to 7 Directors from 11

Four Tesla directors to leave company in board streamlining

Director terms would be cut from three years to two, allowing shareholders to vote on the board's performance with greater frequency, according to a proxy filed on Friday.

That was fine, until Musk tweeted on February 19 that Tesla would make 500,000 cars in 2019 - a substantial deviation from what the company had told investors in its regulatory filings.

The fight goes all the way back to Musk's failed bid to take Tesla private in September, and the SEC's later motion to have Musk found in contempt of court.

Tesla Inc said on April 19, that four members of its eleven-member board would be leaving over the next two years, as the electric auto company looks to streamline its board. "I would call this a board shakeup". The others - Brad Buss, Antonio Gracias and Steve Jurvetson - have been with the company over nine years.

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A new filing states that the Tesla board is confident that with three remaining independent members, it is "poised to lead Tesla with fresh perspectives balanced by deep historical knowledge of our company, while maintaining a wealth of diverse experience and expertise".

Buss was formely the chief financial officer at SolarCity, which was acquired by Tesla in 2016, while Gracias has been an independent director since 2010, although proxy adviser ISS claimed he was not independent in May previous year and reccomended investors vote against his re-election.

Jurvetson, who is scheduled to depart in 2020, returned to his role at Tesla this month after taking a year-long leave of absence that he began amid reports of inappropriate workplace behavior and harassment.

"This is a first good step, but there's more work to do", Waizenegger said.

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Tesla also said that it would ask its shareholders to remove its supermajority requirements, which. Instead, a simple majority would suffice. That motion is what brought Musk to a Manhattan court room in April, when a judge ordered both him and the SEC to put on their "reasonableness pants" and come to a new agreement, which is now due on Thursday, April 25.

Critics have said that some of Tesla's "independent board members" aren't so independent.

Tesla shares have plunged 18% this year, compared with a 21% gain in the Nasdaq Composite.

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