BOSTON, Feb 24 (Portal) – Tesla Inc. (TSLA.O) investor Ross Gerber said on Friday that he would end his candidacy for the electric carmaker’s board, citing changes investors expect next week can.
Gerber said in a phone interview that he decided to retire after Martin Viecha, Tesla’s head of investor relations, told him the company was taking steps in the direction Gerber was aiming for when he announced on February 10 announced his change of management.
Among other things, Tesla will feature more executives than usual at an investor day on March 1 at its Austin, Texas headquarters to show its management talents extend beyond CEO Elon Musk, Gerber said.
Tesla will also create more Twitter and promotional content, which could divert the brand from its close identification with Musk. “This is what I’m talking about, having their own voice separate from Elon,” Gerber said.
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Gerber, a Los Angeles investment manager, is a longtime Tesla bull who initially described his run as that of a “friendly activist.” While his wealth management firm only owned about 440,000 Tesla shares, he received support from larger shareholders online.
Tesla shares closed at less than half of their 2021 high on Friday as rivals gained ground while Musk continued his purchase of social media platform Twitter. Tesla promised investors a look at “our most advanced production line” on March 1.
Gerber said Telsa did not ask him to retire. “They don’t want to fight me and I don’t want to fight them,” Gerber said. “It just makes sense to do this and not have an opposing situation,” he said.
Tesla representatives did not immediately respond to questions.
Gerber’s decision was first reported by Bloomberg News, citing a person familiar with the matter.
reporting by Ross Kerber; Editing by David Gregorio
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