Tesla Names New Chair As Elon Musk Steps Down

Robyn Denholm has been an independent director at Tesla since 2014

Maverick Tesla chair Elon Musk has been replaced after the billionaire had to step down as the electric-car maker's chief more than a month ago.

Robyn Denholm, Telstra's chief financial officer and head of strategy, has been named to head the company's board with immediate effect late Wednesday, the automaker said in a statement posted to its blog.

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.

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

Musk praised Denholm's input in her time on Tesla's board. While Musk will remain CEO and a board director, the fallout from his Twitter posts - which started with a claim that he secured funding and support to buy out investors at $420 a share - will last for years to come.

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




Mr Musk and Tesla settled with the United States Securities and Exchange Commission in September after the agency sued for fraud. Musk and Tesla were also fined $20 million each as part of the deal.

Again, Tesla said that Musk is not Fact Checking, but if he is, it seems the two could grow to be good friends due to their strikingly similar internet personas.

Murdoch is also an independent director on Tesla's board.

The settlement requires Tesla to install an independent chairman, among other penalties.

Tesla has endured a hard few months, following comments Mr Musk made on social media in early August suggesting he had "funding secured" for a deal to take Tesla private. A spokesperson at the company told CNBC that Denholm will receive 8,000 stock options each year and a cash retainer of $300,000 once she leaves Telstra.

Musk, who remains Tesla's biggest shareholder and the driving force behind its ambitious plans to reshape electric battery technology and auto transport, tweeted https://twitter.com/elonmusk/status/1060452014642016256 his approval of the appointment.

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