Elon Musk has to step down as the chairman of Tesla’s board — here are 8 people who could replace him (TSLA)
As a result of a settlement with the Securities and Exchange Commission (SEC), Tesla CEO Elon Musk will have to step down as the chairman of the automaker’s board of directors for three years.
Tesla’s board has been criticized for failing to hold Musk accountable for erratic behavior that has at times caused the company’s stock price to fall.
The Financial Times reported on Wednesday that current Tesla director James Murdoch is the leading candidate to become the board’s next chairman.
Other possible candidates include Al Gore, Warren Buffett, and Alan Mulally.
As a result of a settlement with the Securities and Exchange Commission (SEC), Tesla CEO Elon Musk will have to step down as the chairman of the automaker’s board of directors for three years. Musk has held the position since the automaker was founded in 2003.
The settlement came after the SEC filed a lawsuit against Musk, accusing him of making “false and misleading statements” in August about the possibility of taking Tesla private. Musk said he was “deeply saddened and disappointed” by the lawsuit, which he called “unjustified,” but it may end up working in Tesla’s favor.
Musk has received criticism for his erratic behavior this year, which has included joking about the company’s financial situation, sparring with Wall Street analysts on an earnings call, accusing a British diver of being a pedophile without offering evidence, and even taking aim at the SEC just four days after his settlement with the government agency.
A company’s board of directors is supposed to oversee its management team and make sure it’s working in the best interests of the company’s shareholders. But some have criticized Tesla’s directors, many of whom have connections to Musk’s other businesses, for failing to hold Musk accountable for behavior …read more
Source:: Business Insider