Elon Musk has someone in mind to run Tesla in the future
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Tesla (NASDAQ:TSLA) director James Murdoch testified in court on Wednesday that CEO Elon Musk has recently identified someone to replace him as CEO in the future. Murdoch testified that Musk had selected the unnamed person in the last few months.
A succession plan at Tesla (TSLA) with a candidate viewed as highly qualified could alleviate some of the concerns that shares of the electric vehicle maker will be too closely tied to the news-making CEO.
The trial also included testimony by Musk himself who said that he would like to reduce his time at Twitter and eventually find a new chief to run the social media company. "Frankly I don't want to be CEO of any company," stated Musk. Of note, he has called himself an engineer and not a boss in the past.
Loup Ventures analyst Gene Munster reminded that any corporate board without a CEO succession plan should be considered irresponsible. "With a decision as big as as this, the board has to start the planning years in advance," he tweeted. Munster thinks Tesla is two to three years away from a new CEO announcement.
Shares of Tesla (TSLA) fell 0.49% in premarket trading to $186.08.
Read more about Elon Musk's testimony on Wednesday.