An Investor Is Calling for Changes to Tesla’s Board of Directors

Dieter Waizenegger, executive director of the CtW investment group, wants more oversight.

Tesla CEO Elon Musk speaks during an event to launch the new Tesla Model X Crossover SUV. (Justin Sullivan/Getty Images)
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Tesla has successfully avoided bankruptcy, built a large fan base and made owning an electric car cool. But Wired writes that the secret to the company’s longevity is that there are investors who have kept Tesla running through 15 profitless years. And no, one of those investors is calling for change. Tesla is facing a series of crises, a variety of lawsuits, interrogations over the safety of the autopilot feature and lagging production on the Model 3. In response, an active investor published a letter Wednesday morning calling for Tesla shareholders to kick three of its nine board members off the board and replace them with people who have more relevant experience, reports Wired. The investor, Dieter Waizenegger, says he wants people less likely to defer to CEO Elon Musk.

“The problem is the reality is starting to stack up, and that’s a reality of accidents the cars have had, quality issues, and massive misses on Model 3 production numbers,” writes Waizenegger, executive director of the CtW investment group, according to Wired. “You add all that up and there’s a real question about whether this company can deliver what it promises.”

Waizenegger said board members need to have experience in manufacturing, utilities and management, and need to be willing to help Musk through the variety of problems Tesla is facing.

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