Tesla adds independent members to its board

Business 7/17/2017, 11:24 PM
Tesla adds independent members to its board

Tesla Inc. said that it would add two new executives from major media companies as directors after investors pressured the electric-car maker to diversify a board with members who aren’t closely tied to Tesla's CEO Elon Musk.

CEO of Twenty-First Century Fox Inc. James Rupert Murdoch (pictured) and Linda Johnson Rice, the chairman of Johnson Publishing Co., will join Tesla’s board, the company said in a blog post. Tesla lauded Johnson Rice and Murdoch's corporate board experiences and leadership roles.

Earlier this year, Tesla faced criticism from some shareholders, mostly pension funds, who urged the company to change the way it elects board members, advocating for yearly elections rather than the company's staggered-election practice. Musk said on Twitter shortly thereafter that Tesla would be adding new board members and that the planned board expansion had nothing to do with the requests from the pension funds.

TeleTrader Newsroom / RV

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