Tesla's fans might think Elon Musk is invincible, but Tesla must find a replacement in the event of his death.

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Ross Gerber, a Tesla bull for many years, is running for a seat on Tesla's board.
Elon Musk said that shareholders need him to find successors for his declining health.
Gerber stated to Insider that many Elon fans believe he is not human.

Tesla shareholders require Elon Musk to begin looking for his successor as CEO, given the immense stress he is under, according to an investor.

Musk is currently the chief executive officer of three companies simultaneously — Tesla, Twitter, and SpaceX. There's a chance that Musk could suffer from a decline in health if he continues to manage these roles, Ross Gerber explained to Insider.

Gerber, activist investor, says succession planning is a key part in his campaign to get a seat on Tesla’s board.

Gerber stated that many Elon fans believe he is not human. Gerber spoke out last week. He is suffering from severe stress.

"Am I getting the best from my Tesla CEO, while he works 24/7 at three other companies?"

"I am concerned about his health and wellbeing, regardless of Tesla's performance."

Although they have rebounded strongly, Tesla shares experienced a record-breaking plunge in 2022. This was partly due to shareholders worried about Musk becoming distracted by Twitter's challenges. Musk purchased the social media company for $44 billion in Oct and stated last week that he intends to remain its CEO until late 2023.

Musk has admitted that he was suffering from severe back pain since January, when he took the stand in the Tesla shareholder lawsuit.

When he revealed his punishing work schedule while saving Twitter from bankruptcy, the 51-year old tech boss claimed he "wouldn’t wish that pain upon anyone". He previously admitted to regularly working 120-hour weeks and not leaving Tesla’s factory for days.

Gerber, who owned 440,000 Tesla shares, or 0.01%, at the beginning of 2023, said last week that he would be running as a "friendly activist" for a seat on the board. Leo KoGuan, Tesla's third largest shareholder, supports Gerber.

After seeing Tesla's organizational chart in The Information, he said that he decided to run for the Tesla board. He also realized that many of the top executives did not have professional headshots. He felt that this suggested a shortage of possible CEO candidates should Musk resign.

He said, "I realized that people are more knowledgeable about ISIS leadership than they are about Tesla leadership." "I approached the company to try and resolve this, but I haven't gotten anywhere."

Gerber said that Elon had announced that he would not be returning to Tesla's CEO position in the near future. Gerber agreed.

Gerber's campaign for a Tesla board seat includes succession planning and better customer service.

Many Tesla owners are unhappy with the customer service. Gerber stated that many Tesla owners contact Gerber directly when they have a problem with their vehicle. They can't get in touch with anyone at the automaker.

He also asked Tesla to run more TV ads and to beef up its crisis PR department to better respond to crises such as last week's recall for 362,000 self-driving vehicles.

Gerber stated that they need to confront reality. They must act like Apple if they are to become a $2-$3 trillion company. That's what I am pushing the board to do.

Continue reading: Tesla activist Investor says he is a big supporter of Elon Musk, but warns that his lifestyle is not sustainable

Business Insider has the original article.

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By: gglover@insider.com (George Glover)
Title: Fans may think Elon Musk is unbreakable but Tesla needs to find a successor in case his health fails, an activist investor in the carmaker says
Sourced From: markets.businessinsider.com/news/stocks/elon-musk-tesla-stock-price-shareholders-activist-investor-ross-gerber-2023-2
Published Date: Tue, 21 Feb 2023 14:05:47 +0000

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