The board of directors of Tesla Inc. TSLA has added Joe Gebbia, the co-founder of Airbnb Inc., to its Board of Directors with effect September 25, the company said.
In a regulatory filing, the company spokesman said that Gebbia is eligible to receive compensation consistent with the company's standard outside director compensation package, as previously approved by the Board.
Gebbia waived any cash compensation entitlement and joined the rest of the Board in waiving equity compensation until July 2023. Tesla said in its filing that the Board hasn't appointed him to any of its committees.
The board of Tesla had seen the exit of Oracle Corporation ORCL co-founder Larry Ellison earlier in the day, and he chose not to stand for re-election. Since 2007 and 2018 board members were backed by shareholders who were to re-elect Ira Ehrenpreis and Kathleen Wilson-Thompson.
Gebbia left his full-time operating position and transitioned to an advisor position while serving on the Board of DirectorsBoard of Directors of Airbnb and Airbnb.org.
He has also begun working on his next start-up and acquired a stake in the San Antonio Spurs, according to the company statement.
According to a report by CNBC, adding Gebbia to the Tesla board may help the company avoid any further conflict with the Securities and Exchange Commission SEC, which has commenced multiple probes to determine whether Musk and Tesla are in compliance with their agreement.