Tesla Names New Chair As Elon Musk Steps Down

A Tesla Inc. Model S electric vehicle is displayed at the company's showroom in Newport Beach California U.S. on Friday

Tesla agreed to hire an independent chairman, appoint two non-executive directors and establish a board-level committee to oversee Mr Musk's communications as part of a settlement with the US Securities and Exchange Commission.

Tesla Inc said board member Robyn Denholm will replace Elon Musk as its Chair, more than a month after the billionaire had to step down as the electric-car maker's Chair as part of a settlement with USA regulators.

Robyn Denholm, Telstra's chief financial officer and head of strategy, has been named to head the company's board with immediate effect late Wednesday, the automaker said in a statement posted to its blog.

Ms Denholm will leave her role as CFO and head of strategy at Telstra once her six-month notice period with the company is complete, Tesla said in a statement.

"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", it quoted her saying.

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.

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Electric auto company Tesla has appointed an executive at Australian company Telstra to chair its board.

The tweets sent shares in Tesla soaring to a high of $387.46 a share on August 7.

She has only been CFO since October 1 this year, though she joined Telstra in January 2017 as its chief operations officer. Besides Telstra, her previous experience includes Juniper Network, Sun Microsystems and Toyota.

Under that settlement he and Tesla each had to pay a $20 million fine but Musk was allowed to stay on as CEO.

"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", Musk said in a statement.

In the settlement, the SEC pulled back from its demand that Musk, who is synonymous with the Tesla brand, be barred from running Tesla, a sanction that many investors said would be disastrous. Musk had Musk later backtracked on the tweet, but the damage was done.

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