Ross Gerber confirms he is not any longer in search of a spot on Tesla’s board

Ross Gerber has announced he is not any longer pursuing a spot on Tesla’s Board of Directors. Gerber confirmed his decision with a tweet on Friday afternoon, after a story was published by Bloomberg stating he was now not running for a seat.

Although Gerber didn’t confirm his exact reasons, he noted in a Twitter response that a part of the explanation was he desired to spend more time along with his family. Tesla has agreed to fulfill with Gerber next week. The discussions will touch on brand governance, but no other details were provided.

When he announced his intention to hunt a seat on the board, Gerber noted concerns about a scarcity of succession planning and examining compensation agreements.

Gerber, through his wealth management firm has a sizeable stake in Tesla. His firm owns around 440,000 shares or 0.01 per cent of the corporate. While Gerber also holds some Tesla shares privately, he didn’t confirm what number of to Bloomberg.

Gerber was a protracted shot at best for the position, but his candidacy did bring up some legitimate concerns around the corporate.

Tesla nor Musk has provided a comment on the announcement.

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