Tesla looks to make major changes to board amid SEC fight

As Tesla Inc. discusses potential ramifications for Chief Executive Elon Musk’s actions with the Securities and Exchange Commission, it disclosed a dramatic change to its board of directors late on Good Friday.

In a proxy filing with the SEC, Tesla TSLA, +0.75% said that four independent directors will step down. Brad Buss and Linda Johnson Rice will not stand for re-election at the annual shareholders meeting, scheduled for June 11, while Stephen Jurvetson will remain until the 2020 meeting. Antonio Gracias will also step down at the 2020 annual meeting, if Tesla shareholders approve a proposal at the annual meeting that reduces director terms to two years from three.

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