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Tesla names new chair to replace Elon Musk
08 November 2018, 06:42 | Joann Bryant
A 2018 Tesla Model X
Tesla says Denholm will leave Telstra after her six-month notice period with the company is complete.
She'll work full-time at Tesla, where she has served on the board since 2014.
The electric auto company said today in a statement that Denholm will leave Telstra after a six-month notice period with Australia's biggest telecoms company.
Announcing the appointment, Tesla said in a statement that to "ensure a smooth transition...." The U.S. agency filed a lawsuit alleging that Musk duped investors in August with misleading statements on Twitter about securing the funding to take Tesla private.
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.
Earlier this year, Mr Musk also sparked controversy after a first-quarter earnings conference call when he criticised Wall Street analysts for asking "bonehead" questions about the company's finances.
The appointment marks the end of an era for Musk, 47, who became chairman when he led a $7.5 million initial investment in Tesla in April 2004. Tesla is searching for two more independent directors.
Tesla has appointed Robyn Denholm as chairman, replacing Elon Musk after his controversial behavior forced him to step aside.
Denholm is no stranger to Silicon Valley: She's had senior roles at companies including Juniper Networks, where she was chief financial officer, and Sun Microsystems, as well as seven years at Toyota back home in Australia. Musk's brother, Kimbal, is one of the members.
Apart from appointing a new chairman, Tesla was required to appoint two new independent members to its board.
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. The aim is to provide stronger oversight to match Tesla's growing stature and market value.
Musk resigned as Tesla chairman in October under an arrangement with United States regulators to settle fraud charges stemming from a tweet in which he said he planned to take the company private and had financing to do it.
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