Published: Thu, November 08, 2018
Business | By Eloise Houston

Tesla names new chair to replace Elon Musk

Tesla names new chair to replace Elon Musk

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.

According to the announcement, Denholm will be leaving Telstra after a six-month notice period to devote fully to Tesla. As part of a settlement with USA regulators over the case, Musk agreed to vacate his post as board chairman.

She is now just one of two women on the board of Tesla. Musk was required to pay the commision 20 million dollars which Tesla also accepted a 20 million dollar fine. Most commenters approve of Tesla's decision though there are a few upset by it. Musk's brother, Kimbal, is one of the members.

The new chairman isn't likely to influence Musk's behavior, said Frank Schwope, an analyst with NordLB in Germany.

Electric carmaker Tesla said Robyn Denholm, now CFO at Australian telecoms operator Telstra, will replace Elon Musk as its chair.

Denholm is now the Chair of Tesla's Audit Committee a role she will step away from until her initial 6 month notice period is complete.

Email messages sent to Denholm Thursday were not immediately returned. Prior to that she worked at Sun Microsystems and Juniper Networks in Silicon Valley.

Shares began to rise after the car-maker reported its largest quarterly profit in the company's history and closed at $348.16 a share yesterday.

Musk, who has been on Tesla's board since 2004, tweeted in August he was considering taking the company private for $420 per share and had secured funding for a deal that was later scuttled but attracted scrutiny from several government agencies. The aim is to provide stronger oversight to match Tesla's growing stature and market value.

As part of Musk's settlement with the SEC, Tesla also is supposed to monitor Twitter posts that he makes if they are related to developments at the company.

Musk smoked pot while appearing on The Joe Rogan Experience in September and called the SEC the "Shortseller Enrichment Commission" in an October tweet, after their settlement.

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