Friday, 16 November, 2018

Robyn Denholm To Succeed Elon Musk As Tesla Chairperson

2018 Model X sits on display outside a Tesla showroom in Littleton Colo. Elon Musk???s murky future as Tesla Motors??? CEO amid a securities fraud lawsuit isn???t the only cloud hanging over the electric car make A 2018 Tesla Model X
Priscilla Morrison | 08 November, 2018, 13:56

The announcement comes ahead of a November 13 deadline that was part of Musk's settlement with the U.S. Securities and Exchange Commission to end claims he misled investors.

Tesla said on Thursday that its new board chair replacing Elon Musk will be a technology and automotive industry veteran, Robyn Denholm of Australia's Telstra.

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.

"To ensure a smooth transition during the remainder of Robyn's time at Telstra, Elon will be a resource to Robyn and provide any support that she requests in her role as Chair", Tesla said in a news release.

United States authorities sued Mr Musk for misleading investors and as a result Tesla and Mr Musk were each required to pay a fine of $20m.

The carmaker last month quieted some critics after it reported a net profit and positive cash flow in the third quarter as higher production volumes of its crucial Model 3 sedan began to pay off, delivering on Musk's promise to turn the company profitable.

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"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 47-year-old billionaire will remain as chief executive.

That deal required Musk to step aside as head of the board for three years in favor of an independent chairman.

The tweets sent shares in Tesla soaring to a high of $387.46 a share on August 7.

Tesla, which has never reported an annual profit, also came under strain over production schedules for its Model 3 electric auto, its newest vehicle aimed at a wider market.

But Tesla's stock had tumbled by more than 25 per cent before recovering the $7billion loss the SEC lawsuit incurred.

The tech whiz Musk is also facing legal action from British diver Vernon Unsworth, who helped to rescue a football team of Thai boys when they became trapped in a cave, by falsely accusing him on Twitter of being a pedophile.

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