Thursday, 15 November, 2018

Elon Musk Replaced by Robyn Denholm at Tesla

Tesla names new chair to replace Elon Musk Robyn Denholm to replace Elon Musk as Tesla chair
Orlando Vargas | 08 November, 2018, 18:45

Tesla released a statement a short time ago saying that Denholm had handed in her notice at Telstra and would take on the full-time chair role "effectively immediately".

Denholm has served on the Tesla Board as an independent director since 2014. The U.S. agency filed a lawsuit alleging that Musk duped investors in August with misleading statements on Twitter about securing the funding to take Tesla private.

FoxNews.com automotive editor Gary Gastelu on Tesla's money troubles and Mike Manley, Fiat Chrysler's replacement for longtime CEO Sergio Marchionne.

The settlement with the securities watchdog required Musk and Tesla to each pay $20 million in fines (€17.5 million). Musk and Tesla settled with the Securities and Exchange Commission (SEC) in September after the USA agency sued for fraud.

Tesla rose as much as 0.6 percent percent to $350.25 as of 8:30 a.m.in NY, before the start of regular trading.

Board member Robyn Denholm was named as Tesla chair late on Wednesday.

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Denholm is no stranger to Silicon Valley: She's had senior roles at companies including Juniper Networks, where she was chief financial officer, and Sun Microsystems, as well as seven years at Toyota back home in Australia.

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.

Mr Musk was also obliged to relinquish his role as chairman for three years.

Tesla, which has never reported an annual profit, also came under strain over production schedules for its Model 3 electric vehicle, its newest auto aimed at a wider market.

Despite the scandals, Tesla made a profit of $312m in the third quarter, well ahead of Wall Street forecasts, with revenues of $6.8bn. The aim is to provide stronger oversight to match Tesla's growing stature and market value. In it, Musk said he was considering taking Tesla private at $420 a share - and had funding secured.

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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