(Ken Silva, Headline USA) Tesla started a formal process to find its next CEO last month, amidst declining public opinion about billionaire Elon Musk, according to a bombshell report from the Wall Street Journal.
“Board members reached out to several executive search firms to work on a formal process for finding Tesla’s next chief executive,” the Journal reported Wednesday night, citing people familiar with the matter.
“The board narrowed its focus to a major search firm … The current status of the succession planning couldn’t be determined. It is also unclear if Musk, himself a Tesla board member, was aware of the effort, or if his pledge to spend more time at Tesla has affected succession planning.”
Musk hasn’t publicly commented on the matter. Last week, he promised on an investor conference call that he’d be spending more time on Tesla, and less on politics. Accoridng to the Journal, Musk’s comments came in response to pressure from other board members.
However, Musk was seen at the White House on Wednesday afternoon, awkwardly wearing two hats — perhaps a symbol of him trying to lead Tesla and play politics at the same time.
Tesla sales have plunged in recent month amid a backlash against Musk’s backing of conservative politicians in Europe and his work in the U.S. as head of Trump’s government cost-cutting group. Musk has also angered some Trump supporters due to his push for more foreign tech labor.
Just 33% of U.S. adults have a favorable view of Musk, according to a poll from the Associated Press-NORC Center for Public Affairs Research. That share is down from 41% in December.
Tesla has pinned its future on complete automation of its cars, but it is facing stiff competition now from rivals, especially China automaker BYD.
Ken Silva is the editor of Headline USA. Follow him at x.com/jd_cashless.
