Tesla Inc.'s board members reached out to executive search firms to initiate a formal search for a potential successor to CEO Elon Musk, according to the Wall Street Journal, which cited individuals familiar with the matter.
The report states that these efforts began roughly a month ago, amid investor concerns over how much of Musk’s attention was being directed toward his cost-cutting involvement with the U.S. government.
Around that period, board members reportedly urged Musk to dedicate more time to Tesla, and he did not raise any objections, the Journal added. Meanwhile, the board had started to concentrate its search on a single person.