The Finance Chief of Australian telecoms firm Telstra, Robyn Denholm, takes over from Elon Musk as the new Chairman of Tesla. Elon Musk remains Chief Executive. Elon Musk has agreed to step down as Chairman last month to settle the claims of fraud, which were brought up by the financial regulators of US. The settlement needs Tesla to have an independent chairman apart from other penalties. The announcement rubbishes claims made by certain reports that James Murdoch was the top contender for the job. Tesla has sustained some difficult times for the past few months after the comments which Elon Musk had made on Social Media back in early part of August, having the suggestion that he had secured the necessary funding for a deal to take Tesla in private hands. The price of shares went up after those comments but after a few weeks, Elon Musk moved out from the plan and rather blamed it on the feedback received from shareholders.
The US authorities filed a case against the entrepreneur for misleading investors. They fined both Elon Musk and Tesla, each $20m. Elon Musk was also forced to leave his role as chairman for the next three years. A stronger oversight of Elon Musk was called for from the investors’ side after his erratic behavior caught everyone’s attention. Tesla also came under a lot of pressure from their schedules of production for their Model 3 electric car. Still, Tesla managed to attain a historic level of profit in the recent quarter.
Miss Robyn Denholm has been on the board of Tesla since August 2014. It was in the month of July when she became the CFO of Telstra. Denholm will take full charge at Tesla after serving a notice period of six months at the Australian firm. She said that she will be looking forward to helping Elon Musk and Tesla out to achieve sustainable profitability and thus drive a long-term value for the shareholders. Elon Musk said that Robyn Denholm is highly experienced in both tech and auto industries. He further said that Robyn has made significant contributions as a board member of Tesla for the last four years and helped the company become a profitable entity.