Tesla (TSLA) — in its notification of the 2023 Annual Meeting of Stockholders informed the US Securities & Exchange Commission (SEC) that JB Straubel is nominated for Class I Director at Tesla.
JB Straubel is one of Tesla’s co-founders and has served the company as Chief Technology Officer (CTO) for about 15 years and 7 months (source: his LinkedIn profile). After leaving Tesla in 2019, Straubel founded Redwood Materials which basically recycles lithium-ion batteries.
Tesla has set Tuesday 16th May 2023 as the date for this year’s Annual Shareholder’s Meeting.
“Progressively adding directors who are independent under the requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and bring additional viewpoints and key skills in different areas as we evolve, including Kathleen Wilson- Thompson in 2018, Hiromichi Mizuno in 2020, Joe Gebbia in 2022 and JB Straubel as a nominee this year, ” the SEC filing by Tesla stated (PDF below).
The worst business decision I’ve ever made was not starting Tesla with just J. B. Straubel.
Elon Musk at TED 2022
JB Straubel is a graduate of Stanford University where he did his BS in Energy Systems Engineering and finally completed his MS in Engineering from the coveted school.
Straubel gave all of his skills and energy along with Elon Musk to put where Tesla as a company is today. He also has a long list of design and engineering patents to his name from when he worked at Tesla as CTO.
In one of his tweets last year, Tesla’s Elon Musk mentioned that JB Straubel was the one who actually introduced him to Tesla Motors in 2004 when it was just a shell corporation.
During his 2022 TED Talk, Elon Musk acknowledged that it would have been a much better business decision if he had just started Tesla Motors (now Tesla, Inc.) with just JB Straubel. “The worst business decision I’ve ever made was not starting Tesla with just J. B. Straubel,” he said.
This shows Musk’s high regard for JB Straubel and he wants him on the Tesla board for the betterment of the company.
When he’s most likely selected, JB Straubel will succeed Hiromichi Mizuno on the board who is not standing up for re-election this year. Mr. Mizuno joined Tesla’s board of directors in 2021.
“Hiromichi Mizuno, a Class I director, will not stand for re-election to the Board when his current term ends at the 2023 Annual Meeting. Accordingly, the Board has nominated JB Straubel to succeed Mr. Mizuno as a Class I director,” Tesla’s SEC filing states.
The reaction of Tesla’s retail investors is welcoming of this decision. Until the 2023 Tesla Annual Shareholders Meeting takes place, retail investors can also vote in favor of JB Straubel via their Brokerage Account apps/websites or a link provided to them via email by the broker.
Several influential Tesla (TSLA) retail investors have voted in favor of JB Straubel and posted the screenshots on Twitter.
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