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Elon Musks Tesla to shrink to seven directors from 11



  Elon Musk, CEO of Tesla Inc., comes to the federal court in New York, Thursday, April 4, 2019.

Natan Dvir | Bloomberg | Getty Images

Elon Musk, CEO of Tesla Inc., comes to the federal court in New York, Thursday, April 4, 2019.

Tesla said Friday that four members of his eleven members would be

Brad Bus, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice will not stand for re-election in the upcoming annual meetings of shareholders in 2019 and 2020, the company said in a regulatory filing.

The company said board members have reviewed the composition of the board "focusing on a gradual streamlining of board size so that it can operate more nimbly and effectively."

Tesla said the decision was not the result of disagreement between the company and the board members.

Of the four members who wanted to leave the board, Buss and Gracias were part of the Tesla Control Committee, which oversees the implementation of the terms of the Tesla and SEC consent agreement.

Buss was also CFO of Solcity installer SolarCity for two years before leaving in 2016. Tesla bought SolarCity that year.

Gracias has been independent director of Tesla since 2010. In May, the proxy advisor recommended ISS that investors voted against the election to the board and called him a non-independent director.

Jurvetson, co-founder of the venture capital firm Silicon Valley, Draper Fisher Jurvetson, is said to be on leave from Tesla's board since the allegations of sexual harassment against him arose. Jurvetson has denied the allegations against him.

The proposed changes to the board come a few weeks after Elon Musk's position as CEO of Tesla was secured after a federal judge urged the billionaire to settle contempt of allegations from US securities and the Exchange Commission over its use of Twitter.

Musk was sued by the SEC last year for tweeting that he had "funding secured" to take the company privately. He settles the lawsuit and agreed to go down as a leader and have the company's lawyers approve written communication with important information about the company.

But he was again accused of violating the settlement by sending a tweet about Tesla's production that had not been discovered by the company's lawyers.

On Thursday, a federal judge decided that Musk and the SEC would get a week to settle a dispute over Musk's use of Twitter.


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