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giftedviz.com November 20, 2018


Tesla names new independent chairman as part of SEC deal

08 November 2018, 03:59 | Austin Hogan

Tesla names new chair to replace Elon Musk

A Tesla Inc. Model S electric vehicle is displayed at the company's showroom in Newport Beach California U.S. on Friday

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

Tesla Inc said board member Robyn Denholm will replace Elon Musk as its Chair, more than a month after the billionaire had to step down as the electric-car maker's Chair as part of a settlement with United States regulators.

Tesla announced that Elon Musk's replacement as its chair will be Robyn Denholm, now chief financial officer at Australian telecommunications operator Telstra.

Denholm 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 late on Wednesday. Musk and Tesla settled with the Securities and Exchange Commission (SEC) in September after the USA agency sued for fraud.

Electric vehicle company Tesla has appointed an executive at Australian company Telstra to chair its board.

It all started with an August 7 tweet.

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

The 55-year-old Australian will temporarily step down as chair of Tesla's audit committee until she quits Telstra. Mr Musk was also obliged to relinquish his role as chairman for three years.

Ms Denholm has served on the Tesla board as an independent director since 2014 and has also worked in Silicon Valley and for companies including Toyota. "I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy".

Last month Tesla and Musk were both fined $20 million over the tweets in which he claimed he was taking the company private at $420 a share, which the SEC alleges was a number chosen as a joke with his singer girlfriend, Grimes, who introduced him to marijuana.

Musk smoked pot while appearing on The Joe Rogan Experience in September and called the SEC the "Shortseller Enrichment Commission" in an October tweet, after their settlement.



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