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September 01, 2020 10:27am
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Tesla’s board is about to get a lot smaller

Tesla is cutting its board down by more than 36 percent to seven directors by 2020, a move that includes the loss of some CEO Elon Musk’s early advisers and allies, according to regulator filings posted Friday. Longtime board member Brad Buss and Linda Johnson Rice, who joined two years ago as an independent director, […]

Tesla is cutting its board down by more than 36 percent to seven directors by 2020, a move that includes the loss of some CEO Elon Musk’s early advisers and allies, according to regulator filings posted Friday.

Longtime board member Brad Buss and Linda Johnson Rice, who joined two years ago as an independent director, will not seek re-election this year. Their terms will expire at the upcoming annual meeting. The board said in the proxy filing that it doesn’t plan to fill their seats.

The changes are the latest moves by the board to gain more independence and follow the company and Musk’s settlement with the U.S. Securities and Exchange Commission last year. Under the settlement, Tesla agreed to add two independent directors and Musk would step down as chairman for three years.

Antonio Gracias, whose term ends in 2020, and venture capitalist Steve Jurvetson will leave the board in 2020.

Jurvetson, an early adviser of Musk, just returned this month from a leave of absence from the board. Jurvetson had been on leave from the Tesla and SpaceX since 2017 following his resignation as partner at Draper Fisher Jurvetson amid an investigation into allegations of sexual harassment.

Ira Ehrenpreis and Kathleen Wilson-Thompson were nominated for re-election at the 2019 annual meeting.

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