Tesla’s CEO Elon Musk (pictured) will remain chairman of its board as shareholders rejected a proposal of splitting up his chairman and chief executive roles.
Shareholder Jiang Zhao proposed to have an independent chairman in order to bring transparency and prevent conflict of interest given Tesla’s growing size and Musk’s commitment to SpaceX and The Boring Company. The shareholders’ decision was a vote of confidence for Musk who is a subject of online criticism and doubts over shaky finances and Tesla’s ability to meet its Model 3 production goals.
During the 2018 Annual Shareholders Meeting, investors also opted against removing three board members that, they believed, were too close to CEO to ensure independence and lacked relevant experience. The CtW Investment Group, which works with pension funds for unions proposed removal of Antonio Gracias and Kimbal Musk, Elon Musk’s brother and 21st Century Fox CEO James Murdoch.