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Elon Musk out: Tesla announces new board chair

Elon Musk out: Tesla announces new board chair

Denholm is now one of two women on the electric-car maker's board.

The appointment of Robyn Denholm, chief financial officer with Telstra and already a Tesla board member, is effective immediately but she will serve out her six-month notice period with the Australian company, Tesla said in a statement.

United States authorities sued Mr Musk for misleading investors and as a result Tesla and Mr Musk were each required to pay a fine of $20m. Elon Musk will remain as CEO. Like Denholm, Murdoch is also a Tesla board member. 'And, of course, that was the whole point of the SEC settlement'. The shares were up 12 per cent this year through the close Wednesday.

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.

The drama at the board level is set to continue.




While she will resign from Telstra to take the role full-time, some analysts expressed concern that she may not be far enough removed from Musk to rein in the billionaire's public outbursts and bring more order to Tesla. She won't take on another job.

Denholm's appointment comes as a bit of a surprise after she ruled herself out to Australian media just a month ago. Most commenters approve of Tesla's decision though there are a few upset by it.

Ms Denholm has served on the Tesla board as an independent director since 2014 and has also worked in Silicon Valley and for companies including Toyota. "Great respect. Very much look forward to working together", Musk tweeted early on Thursday.

Musk, still the firm's largest shareholder, stays on as CEO and keeps a board seat. That includes Steve Jurvetson, who's been on a leave of absence for roughly a year, since accusations of misconduct spurred his resignation from the venture capital firm he co-founded. In the meantime, she'll work closely with Musk.

The tech whiz Musk is also facing legal action from British diver Vernon Unsworth, who helped to rescue a football team of Thai boys when they became trapped in a cave, by falsely accusing him on Twitter of being a pedophile.

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