New York (CNN Business) Tesla revealed Friday that four directors will leave the company — shrinking the size of its board to seven eventually.

The electric-car maker said that it wants to "streamline" corporate oversight because its board has grown by four members over the past five years. That has led to "the duplication of certain areas of experience or expertise" among its directors, the company said in a filing. Now Tesla is shaking things up to allow the board to "operate more nimbly and efficiently."

Two directors have agreed not to stand for reelection at Tesla's annual meeting this year, and two more will leave in 2020 or 2021.

"Such agreements did not result from any disagreement between Tesla and any of such directors," the company said.

Tesla to put stricter checks on Musk's power after accusing him of misleading investors Cautious Tesla investors have also been pleading for with the company to tighten oversight of CEO Elon Musk. The disclosure comes just four months after Tesla added two new board members as part of a settlement deal that Musk and Tesla reached with the federal Securities and Exchange Commission. The agency wantedTesla to put stricter checks on Musk's power after accusing him of misleading investors with his tweets about taking Tesla private. But their dispute is far from over : The SEC has since accused Musk of flouting other settlement terms and is looking to hold him in contempt.

Read More