Over the last several years the electric vehicle company and technology innovator Tesla has managed to enter news headlines on a fairly regular basis. Within the last year, they have managed to demonstrate their reusable rocket systems which promise to revolutionize the future of the international space industry. The company has been made possible by the hard work of a man named Elon Musk. Elon Musk is the original founder of the company PayPal. He has managed to create an incredible impact on the world with his interest in renewable energy, energy storage, and the space industry. Just recently he was reelected to stick around as the chief executive officer of the company Tesla for an additional ten years. However, since he signed the original agreement, the company has hit some difficult times and in June when shareholders of the company convened together at their annual meeting a proposal to potentially remove Elon from his role in the company will be voted on.
An individual who holds 12 shares of Tesla from California is the man who originally put the proposal together. In the past, this man has also put together several proposals for other companies such as Apple and IBM. He believes that the role of Chairman and CEO should be separated as the company is maturing. In the proposal, there is a statement from the board of directors at Tesla which has stated that they disagree that an independent chairman is needed. The board believes that an independent director allows the company to be protected against potential issues involving the government. It has also been stated that much of the company’s success is related to Elon’s day-to-day exposure to the company’s business.
As of right now the likelihood that Elon will be replaced is fairly low. In his contract, he also has the option to become chief product officer and Executive Chairman. This would allow him to oversee anyone who would be chosen as the next chief executive officer. The company itself has several ambitious targets that they are aiming to achieve in the coming years. Whatever the outcome Tesla continues to innovate numerous industries.