Elon Musk replaced as Tesla chair

08 November, 2018, 18:45 | Author: Mary Valdez
  • Tesla CEO Elon Musk

Making Denholm a full-time chair also creates governance problems because she could become a Tesla executive, blurring her role as an independent check on management, Elson said. Denholm is best known for her role as the chief financial officer of Australian telecommunications company Telstra, though she isn't a newcomer to Tesla-she's served on Tesla's board since 2014.

Musk agreed to vacate his post as board chairman as part of a settlement with United States regulators of a lawsuit alleging he duped investors with misleading statements about a proposed buyout of the company.

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The settlement required Tesla and Musk to pay a fine of $20 million U.S. each and for Musk to give up his chairman role for three years. Musk and Tesla settled with the US SEC in September after the agency sued for fraud.

Tesla has appointed Robyn Denholm as its chairwoman after Elon Musk was forced to stand down in a boardroom shake-up at the electric carmaker. In media interviews he said he often slept on a sofa in the Tesla office and more recently in an online video he briefly smoked marijuana. Musk's brother, Kimbal, is one of the members.

Denholm has held leadership roles in both Australia and Silicon Valley, including Juniper Networks and Sun Microsystems.

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In the settlement, the SEC pulled back from its demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction that many investors said would be disastrous.

Bye, Musk. Tesla just announced a new chair to its board.

Email messages sent to Denholm Thursday were not immediately returned.

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 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. The aim is to provide stronger oversight to match Tesla's growing stature and market value.

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