04 Jun '18, 7am

Shareholders voting for Elon Musk to be fired

On Tuesday, June 5, Tesla shareholders will get to vote whether to replace Elon Musk as board chairman and dump three directors. Advertisement Why they want Musk out? The vote Musk out campaign is led by an investment group, a corporate governance advisory group and a shareholder adviser. The reasons for ousting Musk: • deteriorating financial performance at Tesla and • a board that has been “unduly deferential” toward Musk. However, the corporate governance advisory group supports a nonbinding resolution to appoint an independent board chairman to replace Musk, with Musk keeping his job as CEO. A shareholder activist said: “I believe a big company cannot depend totally and so heavily on one person.” Advertisement Board members also asked to get out Shareholders have also been urged to vote no for three Tesla board members up for re-election: • 21st Century Fox CEO James M...

Full article: https://mothership.sg/2018/06/elon-musk-vote-out-tesla/

Tweets

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reuters.com 04 Jun '18, 11am

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