28 Apr '18, 11pm

Tesla Shareholders to Vote on Removing Elon Musk as Chairman

Tesla Shareholders to Vote on Removing Elon Musk as Chairman

Tesla will soon vote on a proposal to remove Elon Musk as chairman and install an independent director in his place. The proposal, to be held at its Annual Meeting of Stockholders on June 5, was submitted by shareholder Jing Zhao, citing conflicts of interest with Musk’s other businesses and his relationship with SolarCity. “An independent chairman of the board of directors is the prevailing practice in the international market, such as in the United Kingdom, “ read Zhao’s proposal. “In the United States too, many big companies already have or began to have an independent Board Chairman. Tesla should not be exception.” In turn, Tesla’s board has encouraged shareholders to vote no, citing the role of lead independent director Antonio Gracias in resolving issues that may arise as a result having a non-independent chairman. SEE ALSO: Tesla May Join IONITY’s Charging Network “...

Full article: http://www.hybridcars.com/tesla-shareholders-vote-removin...

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