Tesla names Telstra executive as new chairwoman

Tesla CEO Elon Musk

Tesla says that in order to ensure a smooth transition during that time, "Elon Musk will be a resource to Robyn and provide any support that she requests in her role as chair".

The announcement comes ahead of a November 13 deadline that was part of Musk's settlement with the U.S. Securities and Exchange Commission to end claims he misled investors.

The settlement requires Tesla to install an independent chairman, among other penalties.

In addition to agreeing to a three-year ban from serving in the job, Musk and Tesla agreed that the company would add two new independent directors to the board by late December.

According to Tesla, she will leave the Australian telco at the end of her six-month notice period. Musk and Tesla settled with the Securities and Exchange Commission (SEC) in September after the USA agency sued for fraud.

Critics of Tesla's board have said members lack independence and are too closely allied with Musk, many through financial deals.

"She was there while all of this was going on", said Charles Elson, director of the corporate governance center at the University of Delaware. She has broad experience in the automotive and digital sectors, having worked at Toyota, Sun Microsystems and Australian telecoms giant Telstra, whom she joined as CFO only weeks ago.

Denholm has been chief financial officer and head of strategy at Telstra, Australia's former telephone monopoly, since the start of October.

Tesla shares were up 1.4 percent in morning trading.

Under that settlement he and Tesla each had to pay a $20 million fine but Musk was allowed to stay on as CEO. Since it went public in 2010, Tesla has posted a profit in only two quarters: once in 2013 and again in 2016.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

In the settlement, the SEC pulled back from its demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction that many investors said would be disastrous.

Tesla's conflict with the SEC began in August, when Musk tweeted that he was taking the auto company private and had "funding secured" at $420 a share.

Related News:



Most liked

Democrats pick up United States governorships but lose Florida, Ohio
The stark differences between the two candidates and the negative nature of the race were crystallized in two vitriolic debates. Gillum, the current mayor of Tallahassee, has 50 percent of support among likely voters, versus 46 percent for his GOP rival.

Pentagon Says Soldiers At Border Won’t Be Denying Entry To Asylum-Seekers
But border patrol and local law enforcement say this is a risky area exploited by smugglers, so they welcome the help. The administration says it needs to harden border security as the Central American caravan heads north.

Masa Son finally condemns Khashoggi murder; will maintain business relationship with Saudis
Over the weekend, the murdered journalist's sons said they asked Saudi authorities to return their father's body so the family can properly grieve.

Phoenix Suns buying out Tyson Chandler
By adding Tyson Chandler , the Lakers will get a dependable veteran backup center who can block shots and deter people at the rim. Chandler had a game-winning alley-oop dunk for the Suns in a game previous year as time expired, so he knows exactly how its run.

When do the midterm elections 2018 results expected to come out?
In Miami, Florida International University political scientist Kathryn DePalo said: "It's really a base election". The volatile campaign was marked by clashes over race, immigration and trade.

Crash That Killed 3 Girl Scouts, Mother Allegedly Result Of ‘Huffing’
Girl Scouts of the Northwestern Great Lakes said the crash was a "tragic loss in our Girl Scout sisterhood" in a Facebook post. In a message to parents, Superintendent Heidi Eliopoulos said: "This is a hard time for our students, families and staff".

Federer's quest for 100th title goes through Djokovic
Twelve straight holds would send the first set into a tiebreak, which Djokovic won after Federer squandered a set point. Djokovic will replace Rafael Nadal as the world's top player on Monday after a two-year absence.

Kasper Schmeichel's Daring Act After Leicester Helicopter Crash Deserves Accolades
Goals from Erik Lamela and Harry Kane put Spurs 3-0 up before penalties from Ruben Neves and Raul Jimenez gave the Wolves hope. Leicester's captain Wes Morgan also spoke about how much his side wanted to win the game for Srivaddhanaprabha.

Wayne Rooney to make England comeback
The two icons of the game now ply their trades at very different levels despite being of the same age. And the 33-year-old has suggested they could play together for the same team in the future.

Manchester United will take belief into Juventus game, says Chris Smalling
United are now up to seventh place in the table and within reach of the Champions League places. We were prepared for what Bournemouth have done in the season.

Patriots WR Julian Edelman expected to play vs. Packers
New England has just three scores of 51.5 yards or more this year and two of those are from special teams and a defensive score. This stint began in the previous week when the Patriots played the Buffalo Bills in their first game without Sony Michel .

Iranians Condemn US Arrogant Policies in Nationwide Rallies
Thousands of Iranians rallied Sunday in commemoration of the 39th anniversary of the takeover and hostage crisis at the U.S. Embassy in Tehran , just hours before the re-imposition of all American sanctions lifted by the nuclear deal.

Floyd Mayweather to fight kickboxer Tenshin Nasukawa in Japan
The fight could be the first steps towards Mayweather's highly anticipated rematch with Conor McGregor in the UFC . Mayweather said the weight class and rules for the fight would be discussed "within the next couple of weeks".

Fight Breaks Out In Stands Of 49ers-Raiders Game
In May, the National Football League said players had to stand during the anthem or stay in the locker room while it was played. The 49ers also ran for 143 yards, none more glaring than Raheem Mostert's 52-yard touchdown run in the fourth quarter.

Christians in Egypt prepare to bury dead a day after attack
They are the Middle East's largest Christian community and have long complained of persecution and insufficient protection. The Copts are an Orthodox denomination who make up about 10 percent of Egypt's more than 90 million people.