Robyn Denholm to replace Elon Musk as Tesla chair

Tesla names new chair to replace Elon Musk

Robyn Denholm to replace Elon Musk as Tesla chair

Denholm, who has only been in the Telstra CFO job for a little more than a month, said she plans to devote herself full time to Tesla when her obligations to the Melbourne-based telecommunications company are complete.

An Australian, Denholm is Telstra's chief financial officer and head of strategy and already has served on Tesla's board as an independent director. She's now chief financial officer and head of strategy at Telstra, an Australian telecommunications company.

The announcement comes ahead of a November 13 deadline that was part of Musk's settlement with the U.S. Securities and Exchange Commission to end claims he misled investors.

Electric auto company Tesla has appointed an executive at Australian company Telstra to chair its board. Musk and Tesla each had to pay a $20 million penalty under the September deal with the SEC, and he can not return as chairman for three years. Most commenters approve of Tesla's decision though there are a few upset by it.

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Tesla says Robyn Denholm, a member of its current board, is to replace Elon Musk as chairman after the billionaire was forced to give up his dual role.

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.

Enlarge / Robyn Denholm is the new chair of the board at Tesla. She also has worked at various technology companies including Juniper Networks and Sun Microsystems and held finance management posts at Toyota Motor Corp.in Australia.

"We are undertaking a search for a new chief financial officer and will provide an update on a replacement appointment as soon as possible", Mr Penn said.

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Shares began to rise after the car-maker reported its largest quarterly profit in the company's history and closed at $348.16 a share yesterday.

A big jump in Tesla's output of its mass-market Model 3 vehicle powered the breakthrough.

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

Musk said in August he was considering taking Tesla private in a $420 a share and that he had secured funding for a deal that was later scuttled but attracted scrutiny from several government agencies.

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As part of Musk's settlement with the SEC, Tesla also has to monitor his Twitter posts if they relate to the firm.

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