Tesla’s board in March contacted multiple executive placement firms to begin a search process for a new CEO to replace Elon Musk at the helm of the embattled electric car company, the Wall Street Journal reported Wednesday night,

With profits and the stock price sinking, board members told Musk he needed to spend more time at the company.

Tesla board members last month reached out to several executive search firms to look for a successor for CEO Elon Musk, the Wall Street Journal reported on Wednesday, citing people familiar with the discussions.