Impatient Investors Slam Tesla Board

May 16, 2018 at 3:48 PM

Shareholders weary of Tesla Inc.’s continuing operational woes have gained support from a major proxy advisor for their demands that the electric car company find a new chairman and three fresh board members.

Proxy firm Glass Lewis & Co. concurs that Tesla shareholders should vote against three directors who are up for reelection. They are Antonio Gracias, a private equity investor; James Murdock, the CEO of Twenty-First Century Fox and Kimbal Musk, the brother of Tesla CEO Elon Musk.

The firm also urges shareholders to transfer the company’s chairman position from CEO Musk to an independent executive. Tesla’s board opposes both suggestions.

Last week CtW Investment Group, which represents several union pension funds, also was critical of the three board members. CtW blasts them for exemplifying the company’s “failure to evolve.”