Tesla Announces Shakeup To Board Of Directors; 4 Board Members To Step Down

(RTTNews) - Tesla Inc. (TSLA) announced that four directors will leave the company, as CEO Elon Musk and the Securities and Exchange Commission negotiate terms governing Musk's activity on Twitter.

In a proxy filing Friday, Tesla said it would shrink the size of its board to seven from 11 directors and the outgoing board members include Linda Johnson Rice, Brad Buss, Antonio Gracias and Steve Jurvetson.

The company specified that the directors Brad Buss, former chief financial officer of Solarcity Corp., and Linda Johnson Rice, the chairman and chief executive officer of Johnson Publishing Co., will not pursue reelection to the board at Tesla's stockholders' meeting in June.

The company noted that Stephen Jurvetson will remain until the 2020 meeting. Antonio Gracias will also step down at the 2020 annual meeting, if Tesla shareholders approve director term reduction proposal. If stockholders do not approve such proposal, Gracias' term will end at the 2021 annual meeting of stockholders.