Tesla proposes to cut its board from 11 directors to 7 in a move the car maker says will make the group more nimble.
FILE - In this March 2, 2019 file photo, Elon Musk, CEO of SpaceX, speaks during a news conference after the SpaceX Falcon 9 Demo-1 launch at the Kennedy Space Center in Cape Canaveral, Fla. 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.
This shakeup of the board has been long overdue, said Stephen Diamond, a corporate-governance expert and associate law professor at Santa Clara University who has urged changes in oversight at the company. It is a very important step towards greater accountability to Teslas owners, the public shareholders, because it breaks up the old-boys network around Elon Musk.
The changes are the latest moves by Tesla in response to criticism that the board has lacked independence from the companys mercurial CEO.
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