Published: Thu, November 08, 2018
Markets | By Noel Gibbs

Tesla replaces Elon Musk, names Telstra executive Robyn Denholm as chairperson

Tesla replaces Elon Musk, names Telstra executive Robyn Denholm as chairperson

Mr Musk and Tesla settled with the United States Securities and Exchange Commission in September after the agency sued for fraud.

U.S. authorities sued the entrepreneur for misleading investors and he and Tesla were each fined $20m.

Ms Denholm, who has spent four years on Tesla's board, is chief financial officer and head of strategy at Telstra, Australia's biggest telecommunications company.

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

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Prior to her appointment, she has served as an independent board director prior to since 2014, Tesla added.

She will take on the full-time role at Tesla after serving a six-month notice period at the Australian firm.

"The fact that he can remain CEO is very important for the company". "Robyn will continue to provide the necessary focus and time to Telstra during the remainder of her time there, and she will also temporarily step down as Chair of Tesla's Audit Committee until she leaves Telstra".

Aside from her work at Telstra, she has also spent time at technology majors including Juniper Networks and Sun Microsystems.

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"I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", she said in the statement.

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

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. Its stock has fluctuated, and many investors have called for the company to exercise more oversight over its CEO, who has received media attention for his unconventional ways. Musk had Musk later backtracked on the tweet, but the damage was done.

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