Tesla names Robyn Denholm as new chairwoman to replace Elon Musk
Tesla names Robyn Denholm as new chairwoman to replace Elon Musk
Robyn Denholm to replace Elon Musk as Tesla chair
08 November, 2018, 13:54
The settlement requires Tesla to install an independent chairman, among other penalties.
Last month Tesla and Musk were both fined $20 million over the tweets in which he claimed he was taking the company private at $420 a share, which the SEC alleges was a number chosen as a joke with his singer girlfriend, Grimes, who introduced him to marijuana.
Ms Denholm is now Chief Financial Officer at Australian biggest telecoms company, Telstra, and already sits on the board of Telsa as an independent director.
The move scotches reports that James Murdoch might have been appointed to the job.
U.S. authorities sued Mr Musk for misleading investors and as a result Tesla and Mr Musk were each required to pay a fine of $20m.
The settlement in late September with the Securities and Exchange Commission allowed Musk to remain CEO of Tesla but required him to relinquish his role as chairman for at least three years. Tesla's shares soared following his comments.
United States authorities sued the entrepreneur for misleading investors and he and Tesla were each fined $20m.
Mr Musk heaped praise on his replacement. The aim is to provide stronger oversight to match Tesla's growing stature and market value. In media interviews he said he often slept on a sofa in the Tesla office and more recently in an online video he briefly smoked marijuana. However, the carmaker made what Mr Musk called an "historic" profit in the most recent quarter.
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Before moving to Telstra, she worked for Silicon Valley firms Sun Microsystems and Juniper Networks as well as consultants Arthur Anderson and Toyota.
Denholm, one of two female directors on the nine-member board, assumes her new position immediately, Tesla said.
Ms Denholm, who has been on Tesla's board since August 2014, became Telstra CFO in July.
Announcing the appointment, Tesla said in a statement that to "ensure a smooth transition...."
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Tesla said Denholm will be serving as chair on a full-time basis and that she will temporarily step down as chair of the company's audit committee until she leaves Telstra.
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