Wednesday, 21 November, 2018

Denholm replaces Musk as Tesla board chairperson

A Tesla Inc. Model S electric vehicle is displayed at the company's showroom in Newport Beach California U.S. on Friday Tesla names new chair to replace Elon Musk
Jean Garcia | 08 November, 2018, 13:58

Musk resigned as Tesla chairman in October under an arrangement with USA 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.

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.

Tesla said it has appointed Robyn Denholm of the Australian telecoms company Telstra as board director after Elon Musk resigned from the post.

She will also be leaving her role as CFO and Head of Strategy at Telstra, Australia's largest telecommunications company, after a six-month notice period there, to focus on her work as Tesla chair full-time, the company said in a statement.

"I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", it quoted her saying.

Tesla announced Denholm's appointment weeks after the Financial Times reported that James Murdoch, who also sits on Tesla's board, was the frontrunner.

"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", Musk said in a statement.

Driver charged in toddler deaths in Brooklyn crosswalk kills herself
She won for best featured actress in a musical in 2015 and had been due to play the same role in London's West End this summer. Prosecutors say doctors had told Bruns not to drive after she had a previous medical problem.

Musk is barred from being chair for another three years but remains CEO.

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.

Two days after the lawsuit, Musk reached a settlement with the commission, agreeing to a personal fine of $20 million, a separate $20 million fine by Tesla and his resignation as chair.

"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.

Musk then raised eyebrows last month when he appeared on Joe Rogan's podcast and smoked weed on air.

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