Tesla Forced To Replace Elon Musk As Chairman
- 6 years ago
A run-in with the Securities and Exchange Commission may prove to be the recipe for reform that corporate governance experts have said Tesla Inc.'s board needed years ago. The electric-car maker has been forced to find an independent chairman to replace Elon Musk as part of a $40 million accord with the SEC to settle fraud charges related to his tweets about taking Tesla private. The company also will have to add two new independent directors and implement controls to oversee the communications of its outspoken chief executive officer.