Tesla names new chair to replace Elon Musk

  • Tesla names new chair to replace Elon Musk

Tesla names new chair to replace Elon Musk

The settlement required Tesla and Musk to pay a fine of $20 million each and for Musk to give up his chairman role for three years.

Denholm will leave her role as CFO and head of strategy of Telstra once her six-month notice period with the company is complete, Tesla said late on Wednesday.

Robyn Denholm, the finance chief of Australian telecoms firm Telstra, takes over from the electric auto maker's founder, who remains chief executive.

As part of Musk's settlement with the SEC, Tesla also is supposed to monitor Twitter posts that he makes if they have to do with company news.

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.

She has been a member of the board at Tesla since 2014 and will have the task of overseeing Musk who remains as CEO.

A Tesla spokesman said Ms Denholm would receive an annual cash retainer of $300,000, with $8000 in stock options annually.

The tweets sent shares in Tesla soaring to a high of $387.46 a share on August 7. In the meantime, she'll work closely with Musk. "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".

Before moving to Telstra, she worked for Silicon Valley firms Sun Microsystems and Juniper Networks as well as consultants Arthur Anderson and Toyota.

"I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", she said in the statement. "Great respect. Very much look forward to working together", Musk tweeted on Thursday.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

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.