Elon Musk out: Tesla announces new board chair

Tesla names new chair to replace Elon Musk

Tesla names new 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 55-year-old Australian will temporarily step down as chair of Tesla's audit committee until she quits Telstra.

Bye, Musk. Tesla just announced a new chair to its board.

Musk, who has been on Tesla's board since 2004, tweeted in August he was considering taking the company private for $420 per share and had secured funding for a deal that was later scuttled but attracted scrutiny from several government agencies.

Ms Denholm is now Chief Financial Officer at Australian biggest telecoms company, Telstra, and already sits on the board of Telsa as an independent director.

She will take on the full-time role at Tesla after serving a six-month notice period at the Australian firm.

Musk stepped down as Tesla chair in late September as part of a settlement with the US Securities and Exchange Commission (SEC) stemming from a tweet that US authorities alleged had misled investors.

The settlement required Tesla and Musk to pay a fine of $20 million U.S. each and for Musk to give up his chairman role for three years.

Apart from appointing a new chairman, Tesla was required to appoint two new independent members to its board.

Denholm has been on the Tesla board as an independent director since 2014 and has had senior roles at other Silicon Valley technology companies including Juniper Networks, where she was chief financial officer, and Sun Microsystems, as well as Japanese carmaker Toyota.

"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", Musk said in a statement.

The aim is to provide stronger oversight to match Tesla's growing stature and market value. Musk had Musk later backtracked on the tweet, but the damage was done.

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