James Murdoch likely to be Tesla chairman: Report

James
Murdoch, CEO of 21st Century Fox and youngest son of media mogul
Rupert Murdoch, could be Tesla’s next
chairman.
Greg Sandoval/Business
Insider

James Murdoch is the top
choice to replace Elon Musk as Tesla’s chairman, according to a
report from the Financial Times, which cited two people familiar
with the matter. 

Musk, who will remain CEO of the company, agreed to step down as
chairman of Tesla’s board for three years as part of a settlement
with the Securities and Exchange Commission, which brought
charges against Musk in late August for his now-infamous “funding
secured” tweet. Musk was fined $20 million, and Tesla must
appoint two more independent board members as part of the
settlement. Musk was given 45 days to step down as
chairman. 

There’s been speculation that Murdoch, who has served on Tesla’s
board as a non-executive director since last year, is the leading contender for the
chairman position. But Murdoch, who is currently the CEO of
21st Century Fox, has also faced blowback from shareholders in
the past, with critics citing his lack of relevant
experience. 

Earlier this year, proxy advisor Glass Lewis and the pension fund
CTW Investment Group pushed for shareholders to not re-elect
Murdoch to the board. CTW also asked for shareholders to vote
against re-electing Antonio Gracias, a private equity investor,
and Kimbal Musk, Musk’s cousin. 

Other names that have been floated as possible chairman
candidates include Al Gore, Warren Buffett, and Alan
Mulally. 

Tesla did not immediately respond to a request for
comment. 

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