Tesla and SpaceX founder Elon Musk will resign from the board of Endeavor. The company disclosed Musk’s departure in its annual report with the SEC, saying that Musk’s resignation will be effective June 30, 2022.
The company, led by CEO Ari Emanuel, will shrink its board from 8 members to 7 members once he resigns.
“We thank Elon Musk for his commitment to Endeavor through our first year as a public company, in which he contributed meaningfully to our long-term strategy and vision for the future of sports and entertainment,” an Endeavor spokesperson said. “We know he has a lot of demands and little time, and we appreciate the support he provided us.”
Endeavor added that Musk told the company of his decision on March 12, and that his resignation “was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices,” which is boilerplate language in such decisions.
A source familiar with the move said that given the various companies he runs, he was not expected to stay on the board for the long-term, and that his decision was not unexpected.
Musk joined Endeavor’s board in conjunction with its IPO last year, marking a rare board appointment outside of the companies he controls. In addition to running Tesla and SpaceX, Musk runs a number of other side projects, including The Boring Company. Musk, who was named Time‘s Person of the Year last year, also welcomed a second child with the singer Grimes last year.
