Tesla Inc. TSLA, -10.34% Chief Executive Elon Musk tweeted Tuesday he is planning to retire the title of chairman of the company in three years. The title is "honorific, not executive role, which means it's not needed to run Tesla," Musk tweeted in response to a tiff stemming from statements from his "60 Minutes" interview over the weekend. Musk tweeted that "60 Minutes" edited out "provided I have the support of shareholders" from a the end of a sentence where he said he could do "whatever" he wanted since he is Tesla's largest shareholder. Musk had to relinquish the title of chairman as part of a settlement with the Securities and Exchange Commission over his "funding secured" tweet about taking Tesla private. Board member and telecom executive Robyn Denholm last month was named Tesla's board chair. Tesla shares have gained 19% this year, versus losses of 0.9% each for the S&P 500 index SPX, -2.37% and the Dow Jones Industrial Average. DJIA, -1.92%