Summary
Tesla, Inc. announced a significant expansion of its Board of Directors on July 13, 2017, with the appointment of two new independent directors: Linda Johnson Rice and James Murdoch. This move increases the board size from seven to nine members. The addition of these individuals brings new perspectives and potentially broader expertise to Tesla's governance. Investors should note that neither Ms. Rice nor Mr. Murdoch have any disclosed related-party transactions with the company, ensuring their independence. Both new directors will receive Tesla's standard compensation package for outside directors, which includes stock options.
Key Highlights
- 1Tesla's Board of Directors has been expanded from seven to nine members.
- 2Linda Johnson Rice and James Murdoch were appointed as new directors, effective July 13, 2017.
- 3Both new directors are considered independent, with no related-party transactions disclosed.
- 4Ms. Rice and Mr. Murdoch will receive Tesla's standard outside director compensation.
- 5This compensation includes an initial award of stock options for 16,668 shares each, vesting on June 18, 2018.
- 6The appointment was announced via a blog post on Tesla's website, filed as an exhibit.