'Absolutely false': Tesla chair says board not looking for new CEO to replace Elon Musk

Tesla Chair Robyn Denholm on Thursday said the media report on board members reaching out to recruitment firms to look for a new CEO to replace Elon Musk was "absolutely false".

Denholm added that the board is highly confident in Musk's ability to continue "executing on the exciting growth plan ahead".

Earlier, WSJ reported that Tesla board members about a month ago, reached out to several executive search firms to find a successor for CEO Elon Musk.


The current status of the board's push, which, according to the report, was sparked by Musk's heavy involvement with the Trump administration, could not be determined, WSJ said.

Also Read: Tesla looking for Elon Musk's replacement? World's richest man reacts

Musk last week said he would cut back significantly the time he devotes to the Trump administration and spend more time running his many companies.

The World's richest man last week said he would cut back significantly on the time he devotes to the Trump administration and spend more time running Tesla.

Musk's work at his Department of Government Efficiency (DOGE), where he has led efforts to cut federal jobs, has been one of the most controversial aspects of the Trump presidency, and his time away from Tesla has been an additional concern for investors as sales of its aging EV lineup have been on the decline.

Amid rising competition globally, Musk has pivoted from his promise of making a new affordable EV platform to rolling out driverless taxis and humanoid robots, highlighting Tesla's future as an AI and robotics company instead of an automaker.

Much of the company's valuation is based on that vision, and some investors believe Trump will help further it. Last week, federal regulators eased rules for testing autonomous vehicles, boosting Tesla's stock.

Some Tesla directors, including co-founder JB Straubel, have been meeting with major investors to reassure them the company is in good hands, the WSJ said.

The eight-person Tesla board, which also includes Musk's brother Kimbal Musk and James Murdoch, son of media mogul Rupert Murdoch, has been looking to add an independent director, the report said.