Tesla picks an in­sider to re­place Elon Musk as chair af­ter tur­moil

Mint ST - - PLAIN FACTS -

the com­pany’s au­dit com­mit­tee un­til she leaves Tel­stra.

“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 in the state­ment. “I look for­ward to work­ing even more closely with Robyn as we con­tinue ac­cel­er­at­ing the ad­vent of sus­tain­able en­ergy.”

In typ­i­cal style, he fol­lowed the of­fi­cial com­ment up with a tweet.

“Would like to thank Robyn for join­ing the team. Great re­spect. Very much look for­ward to work­ing to­gether,” Musk tweeted early on Thurs­day.

The re­ported in Oc­to­ber that out­go­ing Twenty-first Cen­tury Fox Inc chief ex­ec­u­tive of­fi­cer James Mur­doch was the lead can­di­date for the job, cit­ing two peo­ple briefed on dis­cus­sions. Musk later tweeted that this was “in­cor­rect.”

Mur­doch is also an in­de­pen­dent di­rec­tor on Tesla’s board.

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 Model 3 sedans be­gan to pay off, de­liv­er­ing on Musk’s prom­ise to turn the com­pany prof­itable.

A Tesla spokes­woman said Den­holm would re­ceive an an­nual cash re­tainer of $300,000 and 8,000 stock op­tions an­nu­ally. The spokes­woman also said Tesla was ac­tively look­ing for two ad­di­tional in­de­pen­dent di­rec­tors.

Tesla’s shares, which were up marginally at $349 in early trad­ing on Thurs­day, have gained about 12% this year.

“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 said in the state­ment.

Bloomberg

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