Musk out, Telstra exec in at Tesla
TESLA has appointed Telstra’s chief financial officer to take over as chairman from billionaire Elon Musk as part of a settlement with US regulators.
The electric car maker said Robyn Denholm, one of its nonexecutive directors, had been appointed to the role with immediate effect.
It ends speculation about who will fill Mr Musk’s shoes after the chief executive was banned from holding the role of chairman for three years.
That followed a settlement with the Securities and Exchange Commission, which accused the billionaire of fraud when he said a plan for taking Tesla private had “funding secured”.
Ms Denholm, who is already chair of Tesla’s audit committee, will remain as Telstra CFO for six months before joining Tesla.
“I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” she said in a statement released by Tesla. Meanwhile, Mr Musk emphasised the tech company’s push into renewable energy in his praise for Ms Denholm.
“I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy,” he said in the statement.