Tesla Inc. TSLA added Airbnb Inc. ABNB co-founder Joe Gebbia to its board of directors beginning Sept. 25, the company said in a statement.
Tesla said in a regulatory filing that Gebbia is eligible to receive compensation consistent with the company’s standard compensation program for outside directors, as previously approved by the board.
Gebbia has waived any right to cash compensation and has joined the rest of the board in waiving equity compensation through July 2023. The board has not appointed him to any of its committees, has said Tesla in its filing.
Tesla’s board of directors had previously witnessed the release of Oracle Corporation ORCL co-founder larry ellison, who chose not to run again. Shareholders had backed a re-election proposal Ira Ehrenpreis and Kathleen Wilson-Thompsonboard members since 2007 and 2018, respectively.
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Who is Gebbia: Gebbia is a designer and entrepreneur who spent the last 14 years of his career as a co-founder of Airbnb. More recently, Gebbia stepped down from her full-time operations role and transitioned into an advisory role while serving on the board of Airbnb and Airbnb.org.
The company’s statement says he has also started work on his next start-up and acquired a stake in the San Antonio Spurs.
Why is it important: Adding Gebbia to Tesla’s board of directors could help the company avoid any further conflict with the Security and Exchange Commission (SEC), which has launched multiple investigations to determine that Musk and Tesla are still honoring their agreement, according to a CNBC report.
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