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Natan Dvir | Bloomberg | Getty Images
Elon Musk, President and CEO of Tesla Inc., arrives in New York City on Thursday, April 4, 2019.
Tesla announced Friday that four members of its board of directors, consisting of eleven members, would leave their posts over the next two years, the automaker wishing to streamline its board of directors.
Brad Buss, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice will not be running for reelection at the next annual shareholder meetings in 2019 and 2020, the company said in a regulatory filing.
The company said its directors had reviewed the composition of the board "focusing on a gradual streamlining of the size of the board to enable it to operate faster and more efficiently."
Tesla said the ruling did not result in any disagreement between the company and the directors.
Buss and Gracias were part of Tesla's disclosure control committee, overseeing the implementation of the terms of the Tesla-SEC consent agreement.
Buss was also Financial Director of the SolarCity Solar Panel Installer for two years, before retiring in 2016. Tesla bought SolarCity that year.
Gracias has been an independent director at Tesla since 2010. Last May, the voting advisor ISS, who recommended investors vote against his election to the board of directors, called him a non-independent director. .
Jurvetson, the co-founder of Draper Fisher Jurvetson, a Silicon Valley venture capital firm, reportedly has been on leave from Tesla's board of directors since charges of badual harbadment were laid against him. Jurvetson denied the charges against him.
The proposed changes to the board came a few weeks after Elon Musk's position as Tesla's chief executive officer was obtained after a federal judge urged the billionaire to settle the court's allegations of contempt of court. the US Securities and Exchange Commission for its use of Twitter.
Last year, Musk was sued by the SEC for tweeting that he had "secured funding" for the company to remain private. He settled the dispute by agreeing to quit his position as president and having prior written approval from the company's lawyers for written communications containing important information about the company.
But he was again accused of violating this settlement by sending a tweet about Tesla's production that had not been verified by the company's attorneys.
On Thursday, a federal judge ruled that Musk and the SEC would have an extra week to settle a dispute over the use of Twitter by Musk.
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