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Tesla agreed to replace the United States Securities and Exchange Commission. (Brendan Smialowski / AFP / Getty Images)
Jena McGregor
Reporter covering leadership issues in the headlines
Elon Musk has a lot of titles: Chief Executive of Tesla. CEO and lead designer of SpaceX. Founder of the Boring Company. Sept. 29, there's one title. Chairman of Tesla. The company agrees to reinstate an independent chairman within one of its two or more members. Tesla must add as part of the settlement.
Tesla analysts and governance observers. The candidate needs an independent streak, an established profile with investors, intelligence and a background that can earn Musk's respect. The person also needs an ability to coach an unpredictable CEO.
He would have had a job that was stripped of Musk – a situation that would have been more humble than the CEOs – and would have been a criticism for being too cozy with him. Finally, operating or manufacturing chops is a must to help the automaker, which says it is making progress on its productiondelivery logistics hell. "
"Said Gene Munster, managing partner who leads research at the venture capital firm Loup Ventures." Then they actually actually got to want to do it. go short. "
[Elon Musk taunts the SEC days after fraud settlement, sending Tesla stock tumbling]
That may be even more so after last week, when Musk taunted the SEC in tweeting "just want to [say] that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point! "
The tweets came across the SEC urging Tesla's board to add more oversight and controls over Musk's communications, raising questions about whether or not it's a kid in the erratic behavior of Musk, who's been calling on a cellar to explore "pedo-guy" on Twitter, An interview with the author of an interview with the author of an interview with the author of the article on the topic of "smoked marijuana".
"Any board that would be dealing with [such] Steve Mader, the retired vice chairman of the executive search firm Korn Ferry, who is the leader of the firm's leadership. board services practice. "The CEO's external behavior is an accountability of the board. You accept it, like it, support it or get rid of it. That's your job, first and foremost. "
It's possible, of course, that Tesla could fulfill its obligations to the SEC by its role. In its proxy, Tesla says that seven of its nine directors are independent, according to Nasdaq listing standards. Yet proxy adviser Institutional Shareholder Services said in a report this year that it considers only five of Tesla's directors, or 56 percent, to be independent. A report in the New York Times last week said one of those directors, 21st Century Fox executive chief James Murdoch, has been proposed as a possible chairman, noting Murdoch "has not volunteered for the post nor has he discussed it with any other director , "more than one person said to the discussions about a new chairman had not yet become" serious. "
[The enormous task ahead for Tesla’s board]
Tesla spokesman declined to comment on the issue. A spokesperson for 21st Century Fox did not immediately respond to a request for comment.
Analysts and governance advisers strongly favored the naming of an independent chairman, and they had a long list of attributes they thought the new chairman should possess. Gregory Shill, a professor at the University of Iowa who studies corporate governance and securities litigation, said he would look for someone with an independent streak, who could "quit if they do not feel they can be effective because they're being blocked Elon Musk, "he said," somebody who has a high enough profile and is not satisfied with it – it would be a bonus for their resume but they do not need the job. "
Yet at the same time, Mader suggests that it will also be imperative for the new board to have a relationship with Musk that is not too threatening, and who it is. company forward.
For the relationship to work, he said, the new chairman should make it clear that he or she "has no personal interest in the outcome of this," and that he or she will be job and who "has no agendas other than Tesla's success," he said.
Munster, meanwhile, says that while he has a "healthy working relationship," he puts the new chairman "s relationship with Musk. Credibility.
"They do not need to be friends," he said. "There definitely needs to be separation between chairman and CEO."
Read also:
Elon Musk got bored
Musk blows up, brawls and bullies. And his followers love him anyway.
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