Tesla wants to cut size of board from 11 directors to 7
PALO ALTO, Calif. (AP) — Tesla plans to cut its board of directors from 11 to seven in a move the car maker says will allow the board to act more nimbly and efficiently.
Tesla says the four directors who will depart aren’t leaving because of any disagreement with the company.
Tesla disclosed the changes in regulatory filings Friday.
Brad Buss, a longtime director, and Linda Johnson Rice will leave at the annual meeting in June. Two early Tesla investors, Stephen Jurvetson and Antonio Gracias, will leave next year if shareholders approve the changes.
The board would go from three groups of directors serving staggered three-year terms to two groups filling staggered two-year terms.
The shareholder meeting is June 11 in Mountain View, California.