Tesla Board Went Shopping for New CEO

The Tesla board of directors launched a search for a CEO to replace Elon Musk about a month ago, as Musk devoted much of his time and efforts to the Trump administration and its Department of Government Efficiency, sources tell the Wall Street Journal. The sources say that amid slumping sales and plunging stocks, the board talked to a few executive search firms and narrowed it down to one top choice. But during this time, the board was also telling Musk he needed to be devoting more of his time to Tesla—a demand to which Musk publicly agreed. It's not clear whether that agreement changed the plans to search for a successor, nor is it clear where those plans currently stand.

It's also not clear whether Musk, who has been at the helm of Tesla for two decades and is on the board himself (though he exited his role as chairman of the board in 2018), knew about the search. The sources also say Tesla's eight-person board has been looking for an independent director. See the full piece at the Journal. (Meanwhile, Musk was at a Cabinet meeting Wednesday that turned into a "lovefest" for Trump, who invited the Tesla CEO to continue his work in the administration indefinitely.)