Tesla appoints Robyn Denholm to replace Elon Musk as chair

Tesla appoints Robyn Denholm to replace Elon Musk as chair

Denholm has been kicking around as the CFO of Telstra and will be serving her six-month notice period there, but has been appointed as Chair of the Tesla Board, "effective immediately", the company said in its announcement.

Denholm has been on the board of Tesla since 2014, and has been the head of the company's audit committee. 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.

A corporate governance expert questioned whether Denholm is the right person for the job, given that she was a member of Tesla's board for four years yet failed to rein in the visionary yet erratic Musk. She also has held financial management posts at Toyota Motor Corp.in Australia.

Musk agreed on September 29 to step aside as board chairman for three years following a settlement with the SEC over his August 7 tweet that he had "funding secured" to take the public company private.

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

More news: Trump and Obama conduct political rallies ahead of the elections to Congress

Musk and Tesla each had to pay a $20 million penalty under the September deal with the SEC, and he can not return as chairman for three years.

Inquiries to the automaker by Automotive News have prompted Tesla to deny Musk's involvement in the account, responding with a simple "No."The Drive's own inquiries have ushered the same response". While Musk will remain CEO and a board director, the fallout from his Twitter posts - which started with a claim that he secured funding and support to buy out investors at $420 a share - will last for years to come.

The news comes just weeks after Tesla posted net profit of $312 million for the third quarter, by far its largest ever.

Musk resigned as part of a settlement deal with the SEC, who busted old mate for a bung tweet about taking the company private, which broke a bunch of rules. The mid-priced Tesla Model 3 was the fifth bestselling passenger vehicle in America, according to the industry analyst Edmunds. Musk had Musk later backtracked on the tweet, but the damage was done.

Top proxy advisers Institutional Shareholder Services and Glass, Lewis & Co had each classified Denholm as an "independent" director of Tesla in reports to the carmaker's investors earlier this year.

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