techkenyot.com
techkenyot.com March 18, 2019


Tesla picks Robyn Denholm to replace Musk as chairperson

08 November 2018, 01:58 | Hattie Nash

A 2018 Tesla Model X

2018 Model X sits on display outside a Tesla showroom in Littleton Colo. Elon Musk???s murky future as Tesla Motors??? CEO amid a securities fraud lawsuit isn???t the only cloud hanging over the electric car make

Tesla agreed to hire an independent chairman, appoint two non-executive directors and establish a board-level committee to oversee Mr Musk's communications as part of a settlement with the US Securities and Exchange Commission.

The electric vehicle maker has announced that Robyn Denholm, who has been an independent director at the business since 2014, will step up to become chairman with immediate effect.

Denholm, the chief financial officer of Australian telecommunications firm Telstra, has served on Tesla's board since 2014 but has fewer ties to Musk than most of the company's directors, according to Dow Jones Newswires.

Denholm takes over as Tesla's chair immediately and will leave her role as CFO and head of strategy at Telstra once her six-month notice period with the company is complete, Tesla said on Wednesday.

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A statement from Ms Denholm said she believed in Tesla and looked forward "to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value".

Musk sparked an SECC investigation into Telsa by claiming on Twitter he had secured funding to take the company private from the Saudi sovereign investment fund. "Great respect. Very much look forward to working together", Musk tweeted on Thursday.

The carmaker last month quieted some critics after it reported a net profit and positive cash flow in the third quarter as higher production volumes of its crucial Model 3 sedan began to pay off, delivering on Musk's promise to turn the company profitable. The 47-year-old billionaire will remain as chief executive.

It all started with an August 7 tweet.

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Musk will help ease the new board director´s transition, Tesla said.

Mr Musk was also obliged to relinquish his role as chairman for three years.

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

South African-born Musk called Unsworth "a pedo guy" after he criticized him in a television interview about the dramatic rescue and called his called Musk's mini-submarine a "PR stunt".

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