Tesla released a Securities and Exchange Commission filing Friday explaining that four of its board members won’t be seeking re-election as their terms expire.
The filing refers to the board headcount reduction as a “phased streamlining … to allow it to operate more nimbly and efficiently.” Current board members Brad Buss, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice will gradually exit starting this summer during the upcoming stockholders’ annual meeting, though the process is expected to go on until 2021, at the latest.
When Tesla drops a new regulatory filing at 5:30pm on Good Friday, you open it. This one says that four of its directors (or 40% of its board ex-Elon) will be leaving. https://t.co/1ocDBEzWMT
— Jen Wieczner (@jenwieczner) April 19, 2019
It’s unclear if Tesla has anyone in mind to replace Buss, Gracias, Jurvetson or Rice, or for how long this exodus has been in the works. “The proxy is the extent of what we’re sharing,” a Tesla spokesperson told Roadshow.
The SEC filing also goes out of its way to explain that the departing of board members “did not result from any disagreement between Tesla and any of such directors.” Of course, it’s worth noting that life at the EV manufacturer can be especially volatile.
This is hardly the only shake-up the board has seen over the last year. Former chairperson Elon Musk was required by the SEC to step down and find a replacement following his “funding secured” tweet.