Tesla picks di­rec­tor Den­holm to re­place Musk as Chair

The Hindu Business Line - - FRONT PAGE -

Tesla Inc said Robyn Den­holm will re­place Elon Musk as Chair of the elec­tric-car maker’s board, more than a month af­ter the bil­lion­aire had to step down from the role as part of a set­tle­ment with US reg­u­la­tors.

The ap­point­ment of Den­holm, one of the two women on the car­maker’s nine-mem­ber board, caps months of tur­bu­lence for the com­pany and its stock as in­vestors called for stronger over­sight of Musk, whose er­ratic pub­lic be­hav­iour raised con­cerns about his abil­ity to steer the com­pany through a rocky phase of growth. The com­pany had un­til Robyn Den­holm

Novem­ber 13 to name an in­de­pen­dent board chair­man un­der its agree­ment with the Se­cu­ri­ties and Ex­change Com­mis­sion, which fol­lowed an in­ves­ti­ga­tion into Musk’s tweets that he had “fund­ing se­cured” for a deal, later scut­tled, to take Tesla pri­vate.

Musk, who has been on Tesla’s board since 2004, quit as chair­man but re­tained his role as CEO.

Den­holm is cur­rently chief fi­nan­cial of­fi­cer at Aus­tralian tele­com op­er­a­tor Tel­stra Corp Ltd and has been an in­de­pen­dent di­rec­tor on Tesla’s board since 2014.

She takes over as Tesla’s chair im­me­di­ately and will be tasked with over­see­ing the com­pany as it ramps up pro­duc­tion of its Model 3 sedans, seen cru­cial for the car­maker’s sus­tained prof­itabil­ity.

Den­holm will leave her role as CFO and head of strat­egy at Tel­stra once her six-month no­tice pe­riod with the com­pany is com­plete, Tesla said.

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