TSLA: Musk out at Board Chairman, settles with SEC

https://www.sec.gov/news/press-release/2018-226

Highlights:

• Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman.  Musk will be ineligible to be re-elected Chairman for three years;
• Tesla will appoint a total of two new independent directors to its board;
• Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications;
• Musk and Tesla will each pay a separate $20 million penalty.  The $40 million in penalties will be distributed to harmed investors under a court-approved process. 

Submitted September 29, 2018 at 05:50PM by generousone https://ift.tt/2y3ndbs