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Tesla Inc. is including a longtime government of restaurant chain Chipotle Mexican Grill Inc. to its board because the carmaker grapples with thorny questions over government compensation and its strategic course.
Jack Hartung will be part of as a director and member of the board’s audit committee as of June 1, Tesla stated Friday in a regulatory filing. Hartung, 67, was chief monetary officer of Chipotle for greater than 20 years earlier than lately transitioning to chief technique officer. The burrito chain introduced in July of final yr that he planned to retire.
The addition suggests Tesla is increasing its eight-member board, which at present contains Chief Govt Officer Elon Musk, Airbnb Inc. co-founder Joe Gebbia, Tesla co-founder JB Straubel, and enterprise government Robyn Denholm, who serves as chair.
Hartung joins at a fragile second for Tesla, which is scuffling with declining gross sales and a broad shopper backlash towards Musk’s work for and affiliation with US President Donald Trump. Some shareholders even have raised issues a few perceived lack of independence amongst Tesla administrators, which incorporates Musk’s brother, Kimbal.
Tesla disclosed in regulatory filing final month that the board had established a particular committee to contemplate compensation issues involving Musk. A Delaware courtroom ruled in January of final yr that the huge pay bundle administrators arrange for the CEO in 2018 needs to be rescinded. The corporate has appealed to the state’s supreme courtroom.
Tesla shares rose 1.5% at 9:44 a.m. in New York. The inventory fell 15% this yr by Thursday’s shut.
This story was initially featured on Fortune.com