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Tesla is “streamlining” its board of directors, with four members planning to exit their roles.
According to Tesla’s preliminary proxy statement for its upcoming shareholders meeting, Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice do not plan to serve beyond their current terms.
Tesla says the slimmed down Board will “operate more nimbly and efficiently, while maintaining new ideas, expertise and experiences.”
According to the filing:
“As a result, on April 18, 2019, each of Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice agreed collectively with the Board and its Nominating and Corporate Governance Committee that each of them will not stand for re-election to the Board at the expiration of their respective current terms, which will be at the 2019 annual meeting of stockholders for Mr. Buss and Ms. Rice, at the 2020 annual meeting of stockholders for Mr. Jurvetson and, if our stockholders approve a director term reduction proposal as described in the Preliminary Proxy Statement, for Mr. Gracias. If our stockholders do not approve such proposal, Mr. Gracias’ term will end at the 2021 annual meeting of stockholders. Such agreements did not result from any disagreement between Tesla and any of such directors.”
The board will shrink from eleven members to seven.
Remaining members will include Telstra Corp. Chief Operating Officer Robyn Denholm, Ira Ehrenpreis, General Partner with Technology Partners, Oracle’s Larry Ellison, 21st Century Fox’s James Murdoch and Kathleen Wilson-Thompson, head of global human resources at Walgreens. Chief Executive Elon Musk and his brother Kimbal Musk also have seats on the board.
Check out the full proxy statement here.