Tesla names Robyn Denholm as chair to replace Elon Musk

08 Novembre, 2018, 12:24 | Auteur: Auguste Feret
  • Tesla names Robyn Denholm as chair to replace Elon Musk

Electric vehicle manufacturer Tesla said Robyn Denholm, now chief financial officer (CFO) at Australian telecom operator Telstra Corp Ltd, will replace Elon Musk as its chair.

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

Mr Musk agreed to step down as chair last month to resolve claims of fraud brought by United States financial regulators.

The announcement scotches reports that James Murdoch was the frontrunner for the job.

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.

In the settlement, the SEC pulled back from its demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction that many investors said would be disastrous.

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

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.

She will also be leaving her role as CFO and Head of Strategy at Telstra, Australia's largest telecommunications company, after a six-month notice period there, to focus on her work as Tesla chair full-time, the company said in a statement. Tesla is searching for two more independent directors.

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

Tesla Inc said board member Robyn Denholm will replace Elon Musk as its Chair, more than a month after the billionaire had to step down as the electric-car maker's Chair as part of a settlement with USA regulators.

"I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", she said in the statement.

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