Tesla Replaces Elon Musk With Robyn Denholm As Chair Of The Board

Robyn Denholm has been an independent director at Tesla since 2014

Robyn Denholm has been an independent director at Tesla since 2014

Tesla said Denholm, one of the two women on its board, will serve as chair on a full-time basis and will temporarily step down as chair of the company's audit committee until she leaves Telstra. She's now chief financial officer and head of strategy at Telstra, an Australian telecommunications company. Tesla says that in order to ensure a smooth transition during that time, "Elon Musk will be a resource to Robyn and provide any support that she requests in her role as chair".

Musk had agreed to vacate his post as board chairperson as part of a settlement with United States regulators of a lawsuit alleging he duped investors with misleading statements about a proposed buyout of the company.

Tesla's board has named one of its own as chairman to replace Elon Musk, complying with terms of a fraud settlement with USA securities regulators.

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.

Tesla has appointed Robyn Denholm as chairman, replacing Elon Musk after his controversial behavior forced him to step aside.

Tesla rose as much as 0.6 percent percent to $350.25 as of 8:30 a.m.in NY, before the start of regular trading.

Tesla's board, which includes Musk's brother Kimbal, has long come under fire from corporate governance experts for lacking independence and being comprised of Musk loyalists.

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His tweed said, "hopefully, partial presence in India, Africa & South America end of next year, with broader expansion in 2020". However, this is not the first time Musk has provided a timeline about the company's entry into India.

Elson said the company should have brought in someone from outside to be chairman, and that no matter how talented Denholm may be, she has a shadow over her of being on the board that did little as Musk misbehaved. She was chief financial and operations officer at Juniper Networks for nine years, and worked at 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. Tesla has to employ or designate a securities lawyer to review messages that senior officers send through Twitter and other social media.

Despite the scandals, Tesla made a profit of $312m in the third quarter, well ahead of Wall Street forecasts, with revenues of $6.8bn.

Tesla's conflict with the SEC began in August, when Musk tweeted that he was taking the auto company private and had "funding secured" at $420 a share.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

He also taken aim at short-sellers, or investors who borrowed shares of Tesla and immediately sold them with the hope that Tesla's share price would fall, a number of times.

Musk smoked pot while appearing on The Joe Rogan Experience in September and called the SEC the "Shortseller Enrichment Commission" in an October tweet, after their settlement.

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