Tesla Appoints Robyn Denholm to Replace Elon Musk Chair for The Board

Tesla Appoints Robyn Denholm to Replace Elon Musk Chair for The Board

Tesla says that in order to ensure a smooth transition during that time, "Elon Musk will be a resource to Robyn and provide any support that she requests in her role as 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.

Musk, whose name is virtually inseparable from Tesla, has an impulsive streak that caused trouble when he tweeted in August that he had "funding secured" for taking Tesla private at $420 per share when no such deal had been worked out.

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

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.

Tesla said on Thursday that its new board chair replacing Elon Musk will be a technology and automotive industry veteran, Robyn Denholm of Australia's Telstra.

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Musk will remain as Tesla's chief executive as part of the settlement deal with the U.S. Securities and Exchange Commission.

Tesla's board, which includes Musk's brother Kimbal, has long come under fire from corporate governance experts for lacking independence and being comprised of Musk loyalists.

"The market reacted to this information and Tesla's stock price quickly traded up", said Stephanie Avakian, the SEC's Co-Director of the Division of Enforcement, in a September news conference.

The spokeswoman also said Tesla was actively looking for two additional independent directors.

Under that settlement he and Tesla each had to pay a $20 million fine but Musk was allowed to stay on as CEO. Denholm has been working with Telstra for two years, during which she has received borne media scrutiny about her ability to manage her time between the Australian and North American company. But even after the settlement was announced, Musk taunted the agency, calling it the "Shortseller Enrichment Commission" before snidely praising it for "doing incredible work".

That alluded to shortsellers, investors who have bet that Tesla shares will fall and who are frequently the subject of Musk´s derision.

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