Tesla says four board members agreed to not stand for re-election
Tesla disclosed late Friday that in connection with "certain stockholder-friendly corporate governance initiatives," its board and Nominating and Corporate Governance Committee reviewed the board's composition, "focusing on a phased streamlining of the size of the Board to allow it to operate more nimbly and efficiently, while maintaining new ideas, expertise and experiences on the Board." As a result, on April 18, Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice agreed collectively with the board and its Nominating and Corporate Governance Committee that each of them will not stand for re-election to the board at the expiration of their respective current terms, which will be at the 2019 annual meeting of stockholders for Buss and Rice, at the 2020 annual meeting of stockholders for Jurvetson and, if stockholders approve a director term reduction proposal, for Gracias. "If our stockholders do not approve such proposal, Mr. Gracias' term will end at the 2021 annual meeting of stockholders. Such agreements did not result from any disagreement between Tesla and any of such directors," Tesla added in a filing with the SEC.