Tesla names Robyn Denholm as chair to replace Elon Musk

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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.

Tesla released a statement a short time ago saying that Denholm had handed in her notice at Telstra and would take on the full-time chair role "effectively immediately". She also has worked at various technology companies including Juniper Networks and Sun Microsystems and held finance management posts at Toyota Motor Corp.in Australia. 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. She was paid nearly $5 million, mainly in stock options, by the company past year, making her the highest remunerated of its board members.

The electric carmaker announced late Wednesday that Robyn Denholm would take Musk's place as chair of the board.

As part of Musk's settlement with the SEC, Tesla also has to monitor his Twitter posts if they relate to the firm.

"But it does violate the spirit of the settlement, which was to change the culture of the board so there was a check on Musk's worst instincts", he added. It was only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years.

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The fact is it is an opportunity to pay tribute to what he has achieved. "I've not spoken to Gareth (Southgate ) too much about how he's going to do it when we play but it'll be great to see him again and I'm sure he's looking forward to seeing a few of the boys".

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 fact that he can remain CEO is very important for the company". And the SEC is still a factor - Tesla received a subpoena last week from the SEC concerning Model 3 production forecasts in 2017, according to The Verge.

The announcement comes after Telsa had until November 13 to name an independent board chairman under its agreement with the Securities and Exchange Commission. The aim is to provide stronger oversight to match Tesla's growing stature and market value.

The spokeswoman also said Tesla was actively looking for two additional independent directors.

Musk, who remains Tesla's biggest shareholder and the driving force behind its ambitious plans to reshape electric battery technology and auto transport, tweeted https://twitter.com/elonmusk/status/1060452014642016256 his approval of the appointment.