Tesla board initiated search for Elon Musk replacement amid sliding sales and stock price, report says
AUSTIN (ABJ) — It turns out Tesla Inc.‘s sinking stock price and electric vehicle sales over the last few months might not be the only reasons Elon Musk has opted to spend less time in Washington, D.C., and more time on his duties as the Austin-based company’s CEO.
According to The Wall Street Journal, Tesla board members met with Musk about a month ago and told him he needed to devote more energy to Tesla — and they also reached out “to several executive search firms” to begin the formal process of finding a replacement for him.
He apparently took them seriously. On a post-earnings conference call with financial analysts on April 22, he announced he intends to reduce his work in the administration of President Donald Trump to “a day or two per week” beginning in May.
Read the full story on the Austin Business Journal website.
