Tesla names Robyn Denholm as new chairwoman to replace Elon Musk

Tesla CEO Elon Musk

Tesla CEO Elon Musk

Tesla's board HAS named Australian telecommunications executive Robyn Denholm as new Tesla chairman to replace Elon Musk and comply with the terms of a fraud settlement with USA securities regulators.

According to the announcement, Denholm will be leaving Telstra after a six-month notice period to devote fully to Tesla.

"To ensure a smooth transition during the remainder of Robyn's time at Telstra, Elon will be a resource to Robyn and provide any support that she requests in her role as chair", the statement from the electric car-maker said.

Murdoch is also an independent director on Tesla's board.

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. Tesla is searching for two more independent directors.

Tesla CEO Elon Musk speaks at a press conference at SpaceX headquarters on September 17, 2018 in Hawthorne, Cal.

Denholm has served on Tesla's board since 2014.

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Tesla picked Australian executive Robyn Denholm to replace Elon Musk as chairman, a role that will give her oversight of the unorthodox billionaire. Musk's brother, Kimbal, is one of the members. Besides Telstra, her previous experience includes Juniper Network, Sun Microsystems and Toyota.

The settlement with the securities watchdog required Musk and Tesla to each pay $20 million in fines (€17.5 million).

The carmaker last month quieted some critics after it reported a net profit, positive cash flow and wider-than-expected margins in the third quarter, delivering on Musk's promise to turn the company profitable.

Email messages sent to Denholm Thursday were not immediately returned.

That alluded to shortsellers, investors who have bet that Tesla shares will fall and who are frequently the subject of Musk´s derision.

As part of Musk's settlement with the SEC, Tesla also is supposed to monitor Twitter posts that he makes if they are related to developments at the company.

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