After weeks of speculation, Tesla has finally announced that Telstra’s CFO Robyn Denholm will be replacing Elon Musk as the company’s board chair.
On Wednesday, Tesla announced the replacement of Elon Musk as Tesla board chair by current Telstra CFO Robyn Denholm. The change in Tesla’s board leadership is part of Musk’s settlement with the US Securities and Exchange Commission.
Over a month ago, the SEC filed a fraud case against Musk for issuing misleading statements about share deals relating to Tesla. Last August, Musk claimed in a series of tweets that he was considering “taking Tesla private at $420”. He also expressed hope that the company’s investors would remain with Tesla even if it was already private.
According to the SEC, Musk did not discuss Tesla’s $420 USD privatization share price with any potential funding source. He also did not contact anyone from the company’s shareholders to assess the interest in taking Tesla private.
The SEC ordered Musk to pay a hefty $20 million USD fine to settle the charges filed against him by the commission. They also asked the embattled tech billionaire to step down as chairman of Tesla.
Who’s Robyn Denholm?
Robyn Denholm has been serving as one of Tesla’s director since August 2014. Just recently, she was appointed as CFO of Telstra after joining the Australian telecom’s firm last year.
According to reports, Denholm has already begun her six-month notice period at Telstra. Denholm also served as CFO and COO at Juniper Networks as well as high-level positions in Toyota, Arthur Andersen & Co., and Sun Microsystems.
“I believe in this company, I believe in its mission, and I look forward to helping Elon, and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” Denholm was quoted as saying.
“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.”