Generally speaking, the people love Elon Musk. The Africa-born CEO of Tesla has done wonders for the company. Even so, one shareholder is calling for his resignation.
Shareholder Jing Zhao is proposing that the Tesla CEO be instated instead as an independent director. The issue will be voted on in June. If accepted, he will be forced to step down from his 15-year-long role. According to Zhao, this action would help the company in keeping a “prevailing practice” that the worldwide market has. He also believes it would help eliminate bias from decisions, like SolarCity merging in 2016. Musk co-founded SolarCity, after all.
Though Zhao may not speak the mind of the majority. Many believe that the policy change is unnecessary. Antonio Gracias' role in the company has helped prevent bias business decisions, while “The company’s success to date would not have been possible if the board was led by another director lacking Elon Musk’s day-to-day exposure.”
Tesla's financial situation hasn't been in it's best state. Investments are heavy, while profits are low. This may have been the source of some shareholder's unease. Though Musk has proven himself a skilled and competent leader in the past.
Would you want Musk to step down?
Tesla Shareholder Proposes Elon Musk Step Down as CEO
Posted By: LizardRock | 0 Comment(s)
Posted On: May 01, 2018 @ 12:26 AM