Car News

Tesla Names New Chair, Replacing Elon Musk in Board Role

Electric car company Tesla has just announced the new head of the board after Musk was forced to step down from the position.


The electric automaker announced that the new chair will be Robyn Denholm. Denholm, already a board member at Tesla, is currently chief financial officer for Australian telecommunications company Telstra, that country's largest telecommunications firm.


Denholm will fully transition into the role following her six-month notice period with Telstra, Tesla announced. During that time, the company says that Musk will continue to be a resource for her to help support the new role.


The new chair has been on the Tesla board since 2014 as an independent director and head of the company's audit committee. She has extensive experience with corporate finance in Australia and Silicon Valley with a number of tech companies, as well as finance roles previously at Toyota.


“I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” Denholm said.


Musk agreed to step down as chair at the automaker and pay a US $20 million fine earlier this year in order to settle charges brought by the US Securities and Exchange Commission. The charges stemmed from Musk tweets regarding a plan to return the company to privately traded status. Musk remains as CEO, and as so will still run the EV company.