Photo: financialreview.com
One month and some change after Elon Musk was forced by the Securities and Exchange Commission (SEC) to quit from his role as Tesla chairman of the board, the name of his successor was made public.
Musk will be replaced by Robyn Denholm, a female executive already on the carmaker’s board as an independent director and at the same time chief financial officer of Australia's largest telecommunications company, Telstra.
To fully dedicated herself to the new role, Denholm will be leaving her current position at Telstra. She will do so after the completion of a six-month notice period, and will also quit her role as chair of Tesla's Audit Committee.
“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," said Elon Musk in a statement.
"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy."
The announcement marks the final chapter of a saga which began on Twitter in August. At the time, Elon Musk announced his intent to take Tesla out of the public stock market by buying out all those willing to sell at a price of $420 per share.
The SEC got involved on concerns that Musk did not actually have the financing to pull off this stunt. The commission’s assessment turned out to be accurate and led to Musk being subpoenaed.
Following a settlement proposal declined by Musk’s attorneys, the SEC decided to take the billionaire to court on fraud charges.
In the end, Musk decided to settle and was forced out of the Tesla board, forced to pay a $20 million fine and submit to controls and procedures designed to keep him from posting ideas and thoughts on social media and elsewhere that might influence the price of the stock.
To fully dedicated herself to the new role, Denholm will be leaving her current position at Telstra. She will do so after the completion of a six-month notice period, and will also quit her role as chair of Tesla's Audit Committee.
“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," said Elon Musk in a statement.
"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy."
The announcement marks the final chapter of a saga which began on Twitter in August. At the time, Elon Musk announced his intent to take Tesla out of the public stock market by buying out all those willing to sell at a price of $420 per share.
The SEC got involved on concerns that Musk did not actually have the financing to pull off this stunt. The commission’s assessment turned out to be accurate and led to Musk being subpoenaed.
Following a settlement proposal declined by Musk’s attorneys, the SEC decided to take the billionaire to court on fraud charges.
In the end, Musk decided to settle and was forced out of the Tesla board, forced to pay a $20 million fine and submit to controls and procedures designed to keep him from posting ideas and thoughts on social media and elsewhere that might influence the price of the stock.
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