Tesla appoints Robyn Denholm as new Chairman to replace Elon Musk

Tesla has named board member Robyn Denholm as the new chair of its board after Elon Musk was forced to step down as the company’s chairman as part of a settlement with the Securities and Exchange Commission (SEC).

Robyn will assume as Tesla new chairman immediately, according to the company’s statement. The position will be part-time for now until Robyn, who is currently serving as Telstra strategy head and chief financial officer, leaves the role, after her six months notice period.

The 55-year-old Australian, also one of the two female directors on Tesla board, will be stepping down temporarily as chair of Tesla’s audit committee until she leaves the Australian Telecom giant Telstra. She has since 2017 been serving as Telstra chief operations officer and last month took over as Telstra CFO.

Tesla Chairman CEO Elon Musk

Last month, Musk announced he had deleted his titles and have become “Nothing of Tesla,” but later said he would remain Tesla president.

The new development at Tesla was engineered by Musk’s August 7 tweet that stated he was considering taking Tesla private at $420 per share and falsely alleged to have “funding secured.” The SEC sued him later in September, accusing him of manipulating the market and misleading Tesla investors.

Musk reached a settlement with the commission few days after the lawsuit, agreeing to a personal fine of $20 million, different from a $20 million fine imposed on Tesla and to resign as the company’s chair. The court also banned Musk from acting as director or officer of any publicly traded company for another three years, the same period he’s barred from being Tesla chair.

Tesla Chairman Robyn Denholm

Announcing Robyn Denholm as Tesla’s New Board Chair

Last month, Musk announced he had deleted his titles and have become “Nothing of Tesla,” but later said he would remain Tesla president. A spokeswoman disclosed that Elon Musk remained Tesla CEO but updates on the company’s website had warranted a removal of the titles.

Tesla is doing well despite the distractions. The company surpassed Wall Street forecasts and made a profit of $312m in the third quarter, with $6.8 billion in revenue. Reports from industry analysts Edmunds ranks Tesla’s mid-priced Model 3 fifth on the list of bestselling passenger cars in America.

The new Tesla chairman Robyn Denholm has since 2014 been on the Tesla board as an independent director and has held senior positions in other tech companies in Silicon Valley. After her earlier career at Japanese automaker Toyota and Arthur Anderson in Sidney, she had moved to the US in 2001, before taking the senior roles at Telstra.

 “Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla board member over the past four years in helping us become a profitable company.” Musk said. “I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy.”

“I believe in this company [Tesla], I believe in its mission,” said Denholm “I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value.”

Tesla’s Model 3 production figures is currently being investigated by US federal security agency to find out if the company had misled investors about the vehicle’s production figures.

Avatar
Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Aon – Willis asset disposal aims to ease approval of $30 billion merger

Aon – Willis asset disposal aims to ease approval of $30 billion merger

Aon Plc and Willis Towers Watson have agreed to sell $3.6 billion worth of assets to rival Arthur J. Gallagher & Co. in a bid to appease European competition regulators over th
12 hours ago
Roblox declares Q1, reports $387 million revenue as bookings increase

Roblox declares Q1, reports $387 million revenue as bookings increase

Roblox, the hugely popular online gaming platform, reported its first-quarter earnings after becoming a listed company. Its revenue more than doubled as the videogame company benef
1 day ago
Weak US job report results in volatile market

Weak US job report results in volatile market

A weak job report resulted in a record close on Friday for the US stocks. The US labor department’s monthly non-farm payrolls report revealed employers hired 266,000 new workers
2 days ago
Star and Blackstone launch bids to buyout Australia’s Crown Resorts

Star and Blackstone launch bids to buyout Australia’s Crown Resorts

A bidding war has broken out between Australian casino company Star Entertainment Group and US private equity investor Blackstone Group over Crown Resorts, Australia’s bigges
2 days ago
5 Most Expensive Divorce Settlements in History

5 Most Expensive Divorce Settlements in History

Almost half of the marriages end in divorce is an oft-quoted adage, but surprisingly, this is not true in today’s world. The reasons are varied, gender equality, the higher p
3 days ago
JPMorgan Chase appoints two new CIOS in bid to make its C-suite more diverse

JPMorgan Chase appoints two new CIOS in bid to make its C-suite more diverse

JPMorgan Chase, the largest U.S. bank by assets, has appointed two new executives to head its information units in a bid to make its workforce more inclusive and increase racial an
3 days ago