October 17, 2018

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James Murdoch Tipped to Replace Elon Musk as Chairman of Tesla

James Murdoch Tipped to Replace Elon Musk as Chairman of Tesla

 

James Murdoch could become the next head of Tesla’s board of directors.

The Financial Times have pegged James Murdoch as favourite to replace the charismatic leader of Tesla, Elon Musk who is currently a board Chairman and Chief executive.

However, Elon Musk has denied the report by the Financial Times in a tweet, describing it as ‘incorrect’ without providing any further details.

Musk agreed to give up the chairmanship in September as part of a settlement with the SEC in addition to $30M fine over allegations of misleading investors among other concerns.

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It is intended to create more oversight of Mr. Musk, who provoked the charges when he claimed on Twitter that he had secured funding and might take the firm private.

The terms of the settlement with the Securities and Exchange Commission are awaiting court approval. A federal judge is due to review the settlement on Thursday.

 

The report from the Financial Times cited two anonymous sources but mention other names may still come out the woodwork.

Mr. Murdoch has also been tipped for the position by a New York Times report.

 

Who is James Murdoch?

Mr. Murdoch, the younger son of Rupert Murdoch, has served on Tesla’s board since 2017.

He is currently chief executive of the US media giant 21st Century Fox, but he plans to step down after the firm completes the sale of its business to Walt Disney.

He was one of two new members the firm appointed last year after criticism that the board – which includes Mr. Musk’s brother and a close business partner – needed to show more independence.

The appointment earned him $1.9bn in compensation, of which all but $10,000 came in the form of shares.

He resigned from the board of Sky this week, following Comcast’s successful bid for the European satellite broadcaster.

 

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