Markets

Tesla replaces Elon Musk, names Telstra executive Robyn Denholm as chairperson

Tesla replaces Elon Musk, names Telstra executive Robyn Denholm as chairperson

According to an announcement shared by Tesla, Denholm will serve as the board chairperson on a full-time basis.

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.

He and the company were fined by the US Securities and Exchange Commission (SEC) after tweets sent by Musk about plans to take Tesla private were deemed to be fraudulent.

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 that could impact the value of investors' shares in the company.

The settlement required Tesla and Musk to pay a fine of $20 million United States each and for Musk to give up his chairman role for three years. Most commenters approve of Tesla's decision though there are a few upset by it.




Tesla said on Thursday that its new board chair replacing Elon Musk will be a technology and automotive industry veteran, Robyn Denholm of Australia's Telstra. Musk's brother, Kimbal, is one of the members.

Mr Musk agreed to give up the chairmanship last month to resolve claims of fraud brought by U.S. financial regulators.

"While Denholm is technically an independent member of the board, she has been part of the Musk team for some time now and that suggests she will not be up to the task of checking Musk's worst instincts", said Stephen Diamond, a professor of law at Santa Clara University who specializes in corporate governance.

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 billionaire later said he was not 'on weed' when he posted a tweet which said Tesla would be taken public with shares priced at $420 - a number which refers to a day in April when hordes of skunk-hounds congregate in parks and town squares to openly smoke cannabis. 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".


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