Robyn Denholm appointed new Tesla board chairwoman

Robyn Denholm appointed new Tesla board chairwoman

Tesla's board HAS named Australian telecommunications executive Robyn Denholm as new Tesla chairman to replace Elon Musk and comply with the terms of a fraud settlement with U.S. securities regulators.

Her role starts immediately, but she plans to join Tesla full-time once her six-month notice period at Telstra is complete.

Denholm previously held executive roles at Juniper Networks, Sun Microsystems and Toyota.

A Tesla spokeswoman said that Denholm will receive an annual cash retainer of $300,000 and 8,000 stock options annually.

Denholm is now one of two women on the electric-car maker's board.

A month after the Securities and Exchange Commission demanded he step down, Tesla's board has replaced Elon Musk as board chair with the relatively unknown Robyn Denholm. Musk and Tesla settled with the Securities and Exchange Commission (SEC) in September after the USA agency sued for fraud.

Inquiries to the automaker by Automotive News have prompted Tesla to deny Musk's involvement in the account, responding with a simple "No."The Drive's own inquiries have ushered the same response".




In July, the company had more than $US2 billion wiped off its value after Mr Musk called one of the divers involved in the rescue of 12 Thai children from a cave a "pedo".

On Twitter Thursday morning, Musk wrote that he has great respect for Denholm.

"Robyn has extensive experience in both the tech and auto industries and she has made significant contributions as a Tesla Board member over the past four years", Musk said. It was only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years. Musk tweeted his support for the decision.

While Tesla is finally starting to make good on Musk's promises on production of the Model 3 sedan, seen as crucial to the company's future, it has lost senior executives for sales, human resources, manufacturing and finance in recent months.

Tesla's board, which includes Musk's brother Kimbal, has long come under fire from corporate governance experts for lacking independence and being comprised of Musk loyalists.

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

"Just want to that the Shortseller Enrichment Commission is doing incredible work".

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