Rupert Murdoch's son James reportedly top contender for Tesla chairman

Rupert Murdoch's son James reportedly top contender for Tesla chairman

This is what some institutional investors have always been calling for, contending that the board has failed to sufficiently govern the chief executive officer and that Musk may be stretched too thin, running Tesla as well as the rocket manufacturer SpaceX, where he's also both CEO and chairman.

Elon Musk's tweets may have mocked the Securities and Exchange Commission, but his court filings are serious about settling the fraud charges that the SEC had lodged against him.

FT additionally reported, citing people familiar with the discussions, that Murdoch "had signaled he wants the job".

"This is incorrect", tweeted Musk, reacting to the report.

Murdoch's emergence as the front-runner for the Tesla chairman seat is a turnabout, after he was targeted for removal from Tesla's board as an independent director earlier this year by several proxy adviser groups pushing against his re-election. Board members include his brother Kimbal Musk and long-term friend and investor Antonio Gracias.

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The younger Murdoch and Elon are reportedly friends, with the former having joined Tesla's board previous year as one of a pair of new independent directors. In addition, he stepped down as chairman of United Kingdom -based satellite TV operator Sky following its sale to Comcast.

Silicon Valley-based Musk created the electric carmaker and aerospace company SpaceX, which has been launching space rockets in an attempt to win commercial space transportation business in future - and realising Musk's talk of colonising Mars.

Glass Lewis research director Courteney Keatinge said on Wednesday that while Murdoch's departure from Sky could alleviate some concerns, the Tesla chairmanship would still require a big time commitment as the company faces pressures on many fronts. Murdoch is said to be interested in taking the job, according to the report. Musk has vowed that the loss-making company will be profitable and cash flow-positive in its third and fourth quarters. "The company needs some added stability at the top to win back investor confidence".

Tesla shares plunged the following trading day and closed down 5.1 percent on April 2. The terms of that agreement included Tesla appointing a new independent chairman by the middle of November.

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