WASHINGTON (AP) — It won't be an easy job.
Electric carmaker Tesla must find a new chair for its board of directors under a settlement announced Saturday with the Securities and Exchange Commission. Whoever takes on the job will face the formidable task of overseeing Elon Musk, the charismatic, visionary executive with an impulsive streak.
The SEC has also ordered the company to add two independent members to the board. The settlement stemmed from a lawsuit the SEC filed charging Musk with duping investors with a misleading tweet.
The settlement could bring about a more assertive board that would provide the kind of tighter oversight many legal experts say is overdue.
Yet a more forceful board, coupled with a domineering CEO like Musk, could create conflicts at a risky time for the company.