The carmaker announces the biggest change in its board makeup since Tesla's founding with a late Friday release, when equity markets were closed for Passover and Good Friday.
agreed collectively with the Board and its Nominating and Corporate Governance Committee that each of them will not stand for re-election to the Board at the expiration of their respective current terms,” according to the filing. Terms for Buss and Rice conclude as of the annual shareholder meeting scheduled for June 11, while Jurvetson’s wraps up at next year’s annual meeting.
When complete, the departures would shrink Tesla’s 11-member board to seven people, including Musk and his younger brother Kimbal. In late December, the company added billionaire Larry Ellison and Kathleen Wilson-Thompson, an executive with the Walgreens Boots Alliance, as board members to fulfill a settlement with the SEC over Musk’s tweets about taking the company private. He also lost his position as Tesla board chairman, a position taken over by board member Robyn Denholm.
Jurvetson, a long-time heavyweight in Silicon Valley’s venture capital world as cofounder of Draper Fisher Jurvetson, has been absent from Tesla board meetings since late 2017, when he also left his former investment firm due to a sexual harassment investigation. He was an early investor in Tesla and Musk’s SpaceX, and had told
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