Elon Musk replaced as Tesla company chair

Elon Musk replaced as Tesla company chair

Elon Musk replaced as Tesla company chair

Electric carmaker Tesla said Robyn Denholm, now CFO at Australian telecoms operator Telstra, will replace Elon Musk as its chair.

Tesla has plumped for an inside appointment to succeed Elon Musk as its next board chair. Denham will leave her role as CFO and Head of Strategy at Telstra, Australia's largest telecommunications company. As part of a settlement with US regulators over the case, Musk agreed to vacate his post as board chairman.

Inquiries to the automaker by Automotive News have prompted Tesla to deny Musk's involvement in the account, responding with a simple "No."The Drive's own inquiries have ushered the same response".

Under the settlement, Tesla also is required to appoint two new independent directors, and it must review the Musk's posts about the company on Twitter. Musk also paid a fine of $20 million for his actions.

The SEC accused him of manipulating the market and sued him in late September for making "false and misleading" statements to investors.

She will assume the role of Tesla chairwoman full-time, effective immediately, but will continue at Telstra through a six-month notice period.

"She's from Musk's inner circle and is unlikely to put obstacles in the way of decisions", Schwope said.

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Aside from her work at Telstra, she has also spent time at technology majors including Juniper Networks and Sun Microsystems.

Prior to working at Telstra, Denholm spent seven years at Toyota in Australia, where she was a senior financial manager.

Tesla shares were up 1.4 percent in morning trading.

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

Musk has strived to turn Tesla into a profitable, mass-market producer of environmentally friendly electric cars, but his impulsive streak caused him trouble when he tweeted in August that he had "funding secured" for taking Tesla private.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight. The money will go to shareholders who lost money following Musk's tweet.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

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