Economy

Tesla names Robyn Denholm as Chairman to replace Elon Musk

Tesla names Robyn Denholm as Chairman to replace Elon Musk”

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.

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

However, Telstra said in a financial filing of its own [pdf] that while the Tesla role would begin on November 13, Denholm would have to continue in the CFO and head of strategy role at the telco until May 6, 2019.

However, she will step down temporarily from her role as chairwoman of Tesla's Audit Committee until she has worked her six-month notice period at Telstra, the company said.

"I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", she said in the statement.

Telstra's CFO and head of strategy Robyn Denholm will leave the telco to replace Elon Musk as full-time chair of electric carmaker Tesla.

Tesla has appointed Robyn Denholm as its chairwoman after Elon Musk was forced to stand down in a boardroom shake-up at the electric carmaker.

"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", Musk added. Musk and Tesla settled with the Securities and Exchange Commission (SEC) in September after the US agency sued for fraud. He remains chief executive.

A Tesla spokeswoman said that Denholm will receive an annual cash retainer of $300,000 and 8,000 stock options annually.

The tweets sent shares in Tesla soaring to a high of $387.46 a share on August 7.

Denholm has served on the Tesla Board as an independent director since 2014.

Investors had also called for stronger oversight of Mr Musk after his erratic behaviour attracted attention.

But Tesla's stock had tumbled by more than 25 per cent before recovering the $7billion loss the SEC lawsuit incurred.



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