Denholm replaces Musk as Tesla board chairperson

Gladys Abbott
November 8, 2018

Denholm, who has been an independent director on Tesla's board since 2014, will be leaving her role as CFO of Telstra (tlsyy), Australia's largest telecoms company.

Denholm is now the Chair of Tesla's Audit Committee a role she will step away from until her initial 6 month notice period is complete.

The billionaire later said he was not 'on weed' when he posted a tweet which said Tesla would be taken public with shares priced at $420 - a number which refers to a day in April when hordes of skunk-hounds congregate in parks and town squares to openly smoke cannabis. In media interviews he said he often slept on a sofa in the Tesla office and more recently in an online video he briefly smoked marijuana.

It said Musk's tweets about taking the company private were fraudulent and that the billionaire should quit as chairman but could retain his role as CEO. Musk and Tesla settled with the US SEC in September after the agency sued for fraud.

Tesla has announced a new chair of its board of directors: Robyn Denholm.

"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", he added. The move is part of the deal with the Securities and Exchange Commission to settle claims that CEO Elon Musk misled investors.

More news: Tesla Receives Subpoenas In US Fraud Probes

"We are undertaking a search for a new chief financial officer and will provide an update on a replacement appointment as soon as possible", Mr Penn said.

Email messages sent to Denholm Thursday were not immediately returned.

Under the settlement, Tesla also is required to appoint two new independent directors, and it must review the sometimes-erratic Musk's posts about the company on Twitter.

Denholm has held leadership roles in both Australia and Silicon Valley, including Juniper Networks and Sun Microsystems.

The appointment marks the end of an era for Musk, 47, who became chairman when he led a $7.5 million initial investment in Tesla in April 2004.

"Just want to that the Shortseller Enrichment Commission is doing incredible work".

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