TECHNOLOGY

Tesla wants to cut size of board from 11 directors to seven

The Tesla Model X is seen on the second press day of the Paris auto show. (Reuters)

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 on 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 on June 11 in Mountain View, California.

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Last Update: Saturday, 20 April 2019 KSA 20:19 - GMT 17:19
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