Tesla Chairman, Chief Executive Elon Musk Survives Vote to Kick Him Out of Chairman’s Seat

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A vote to kick Tesla Chairman and Chief Executive Elon Musk out of his chairman’s seat failed at Tesla’s annual shareholder meeting Tuesday. So did a push to reject three board members who were up for reelection to new terms.

The company said the votes failed by a “super majority” of votes but offered no numbers. The final tally will be revealed in government filings within four days, the company said.

CtW Investment Group, which backed the proposals, was quick to respond. “Tesla must release a detailed vote tally as quickly as possible,” CtW Executive Director Dieter Waizenegger said via email. “Given the substantial insider holdings, these results are not a surprise. Only once we have the specifics will it be possible to interpret the expectations of Tesla’s unaffiliated investors.”

Meantime, Elon Musk told shareholders that the troubled Model 3 electric sedan will hit a production rate of 5,000 a week by the end of June. The last several months, he said, were the most “hellish” in his life. A new third assembly line Tesla is building at the company’s Fremont, Calif., plant should help achieve the goal, he said.

Read the full story on LATimes.com.

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