Elon Musk

(Photo by Xinhua/Sipa USA)

Tesla Shareholders Reject Bid To Strip Musk Of Chairman Role

June 05, 2018 - 3:27 pm

MOUNTAIN VIEW, Calif. (AP) — Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric car maker's board and strip him of his role as chairman, despite worries about the company's shaky finances and inability to meet its production goals for its first mass-market sedan.

All three directors seeking to remain on Tesla's nine-member board were re-elected during the company's annual meeting held Tuesday as most shareholders opposed a rebellion seeking to remove them.

Tesla says directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin."

The company says a "supermajority" of shareholders also rejected a proposal to force Musk to step down as Tesla's chairman, a position he has held since 2004.

The precise voting totals will be disclosed within the next few days.