Published: Thu, November 08, 2018
Finance | By Loren Pratt

Tesla names new chair to replace Elon Musk

Tesla names new chair to replace Elon Musk

She also has worked at various technology companies including Juniper Networks and Sun Microsystems and held finance management posts at Toyota Motor Corp.in Australia.

Electric auto manufacturer Tesla said Robyn Denholm, now chief financial officer (CFO) at Australian telecom operator Telstra Corp Ltd, will replace Elon Musk as its chair.

Tesla says Denholm will leave Telstra after her six-month notice period with the company is complete.

An Australian, Denholm is Telstra's chief financial officer and head of strategy and already has served on Tesla's board as an independent director.

"I believe in this company".

"I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", Ms Denholm said.

Musk agreed to an independent chairman being appointed as part of a settlement with U.S. regulators that allowed him to remain chief executive.

In late September, Musk, who remains chief executive and is also Tesla's biggest investor, agreed to step down as chair for three years and pay a fine in a deal with the US Securities and Exchange Commission over tweets he made about taking the firm into private ownership.


A Tesla spokesman said Ms Denholm would receive an annual cash retainer of $300,000, with $8000 in stock options annually.

The company had until next week to name the new chairman.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

The charismatic, visionary Musk has strived to turn Tesla into a profitable, mass-market producer of environmentally-friendly electric cars.

Musk sparked an SECC investigation into Telsa by claiming on Twitter he had secured funding to take the company private from the Saudi sovereign investment fund.

USA authorities sued Mr Musk for misleading investors and as a result Tesla and Mr Musk were each required to pay a fine of $20m.

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