James Murdoch is the top candidate to replace Elon Musk as Tesla's chairman: Report

Greg Sandoval/Business Insider

James Murdoch, CEO of 21st Century Fox and youngest son of media mogul Rupert Murdoch, could be Tesla's next chairman.

• James Murdoch is currently the frontrunner to replace Elon Musk as Tesla's chairman, according to a report from the Financial Times.
• Murdoch has served on Tesla's board since last year and has faced criticism in the past, with skeptics citing his lack of relevant experience.
• Musk, who will remain CEO of the company, agreed to step down as chairman of the company's board for three years as part of a settlement with the Securities and Exchange Commission, which brought charges against Musk in late August for his now-infamous "funding secured" tweet.

James Murdoch is the top choice to replace Elon Musk as Tesla's chairman, according to a report from the Financial Times, which cited two people familiar with the matter.

Musk, who will remain CEO of the company, agreed to step down as chairman of Tesla's board for three years as part of a settlement with the Securities and Exchange Commission, which brought charges against Musk in late August for his now-infamous "funding secured" tweet. Musk was fined $20 million, and Tesla must appoint two more independent board members as part of the settlement. Musk was given 45 days to step down as chairman.

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There's been speculation that Murdoch, who has served on Tesla's board as a non-executive director since last year, is the leading contender for the chairman position. But Murdoch, who is currently the CEO of 21st Century Fox, has also faced blowback from shareholders in the past, with critics citing his lack of relevant experience.

Earlier this year, proxy advisor Glass Lewis and the pension fund CTW Investment Group pushed for shareholders to not re-elect Murdoch to the board. CTW also asked for shareholders to vote against re-electing Antonio Gracias, a private equity investor, and Kimbal Musk, Musk's cousin.

Other names that have been floated as possible chairman candidates include Al Gore, Warren Buffett, and Alan Mulally.

Tesla did not immediately respond to a request for comment.

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