Tesla Inc. will bid farewell to longtime directors and reduce the size of its 11-member board to nine as the automaker ushers in a new era of corporate governance.
Tesla CEO Elon Musk speaks before unveiling the Model Y at Tesla's design studio in Hawthorne, Calif., on March 14.
Buss, Gracias and Jurvetson have long been associated with Tesla CEO Elon Musk. Gracias and Jurvetson are both on the board of the billionaire’s closely held SpaceX. Jurvetson and Gracias should retire this June as opposed to waiting until 2020, said Dieter Waizenegger, executive director of CtW Investment Group, which works with union pension funds that are Tesla investors. Jurvetson went on leave in November 2017, and is just returning after being away for nearly 18 months, while Gracias faced some investor opposition last year.
Tesla is also proposing to eliminate the “supermajority amendment,” which requires the approval of two-thirds of shares to make certain major changes to the electric-car maker. Instead, a simple majority would suffice.
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