Tesla names Robyn Denholm as its new chairwoman, replacing Elon Musk

Tesla names new chair to replace Elon Musk

Tesla's Board of Directors is pleased to announce that Robyn Denholm has been appointed as Chair of the Tesla Board, effective immediately.

Tesla said she would leave her current job as chief financial officer at Australian telecoms firm Telstra in six months - after serving her notice period - to become its chairman full time.

"Very much look forward to working together", he wrote. "Her global experience in both Australia and Silicon Valley encompasses leadership roles across a range of technology companies, including Telstra, Juniper Networks, and Sun Microsystems".

Twenty-First Century Fox Chief Executive, James Murdoch, who also sits on the Tesla board, was tipped to succeed Musk before today's announcement was made.

The company also agreed to monitor Musk's communications with investors.

As to whether Tesla has "put in place additional controls and procedures to oversee Musk's communications" as dictated by the SEC settlement, the Tesla spokeswoman had no immediate comment.

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Musk cited Denholm's long experience in the tech and motor industries as strong advantages and said in a statement that he looked forward to working with her.

"The market reacted to this information and Tesla's stock price quickly traded up", said Stephanie Avakian, the SEC's Co-Director of the Division of Enforcement, in a September news conference.

"She's had a ringside seat to the chaos and she didn't or was not in a position to change anything", Professor Cusumano said.

The task is not entirely new for Denholm; she's served on the Tesla Board as an independent director since 2014.

The company has seen months of turbulence related to the public behavior of Musk, whose gift for self-promotion has made Tesla one of the world's most talked-about businesses while causing spats with journalists, analysts, Wall Street investors and rapper Azealia Banks.

They aren't sure if Denholm was hired just to placate the Securities and Exchange Commission to comply with the settlement or whether she'll actually be able to corral the visionary but erratic Musk, who remains CEO. The mid-priced Tesla Model 3 was the fifth bestselling passenger auto in America, according to the industry analyst Edmunds. Musk was required to pay the commision 20 million dollars which Tesla also accepted a 20 million dollar fine. The money will go to shareholders who lost money following Musk's tweet.

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