Tesla announces Elon Musk's replacement as board chair: Robyn Denholm

Tesla announces Elon Musk's replacement as board chair: Robyn Denholm

Tesla announces Elon Musk's replacement as board chair: Robyn Denholm

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 USA regulators. Tesla said she will take the full-time role after serving out a six-month notice period, during which she'll step town as chair of Tesla's audit committee.

"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", Ms Denholm said.

Enlarge / Robyn Denholm is the new chair of the board at Tesla.

Ceding the role of chairman was a condition of the accord Musk reached with the SEC in September to settle fraud charges related to his tweets on taking the company private. 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 will help ease the new board director´s transition, Tesla said.

Musk's successor, effective immediately, will be Robyn Denholm, a former Tesla board member and technology executive.

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. "Great respect. Very much look forward to working together", Musk tweeted early on Thursday.

Besides Telstra, Denholm has worked in other tech companies such as Juniper Networks and Sun Microsystems, and she also worked for Toyota, the statement added. Musk's brother, Kimbal, is one of the members.

The appointment of Denholm follows months of turbulence for the company and its stock as investors called for stronger oversight of Musk, whose recent erratic public behavior raised concerns about his ability to steer the company through a rocky phase of growth. But even after the settlement was announced, Musk taunted the agency, calling it the "Shortseller Enrichment Commission" before snidely praising it for "doing incredible work".

That drew attention from the SEC because the tweet pushed up Tesla's stock price and harmed short-sellers who bet that the share price would fall.

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