Tesla names Robyn Denholm as Chairman to replace Elon Musk

Robyn Denholm has been an independent director at Tesla since 2014

Tesla announced that Elon Musk's replacement as its chair will be Robyn Denholm, now chief financial officer at Australian telecommunications operator Telstra.

Tesla has appointed Robyn Denholm as its chairwoman after Elon Musk was forced to stand down in a boardroom shake-up at the electric carmaker.

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.

Tesla had until November 13 to name an independent board chairman under its agreement with the Securities and Exchange Commission, which said Musk's tweets about taking the company private were fraudulent and that the billionaire should quit as chairman but could retain his role as CEO.

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The settlement in late September with the Securities and Exchange Commission allowed Musk to remain CEO of Tesla but required him to relinquish his role as chairperson for at least three years.

That alluded to shortsellers, investors who have bet that Tesla shares will fall and who are frequently the subject of Musk´s derision. Most commenters approve of Tesla's decision though there are a few upset by it.

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

Tesla, which has never reported an annual profit, also came under strain over production schedules for its Model 3 electric auto, its newest vehicle aimed at a wider market.

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Mr Musk heaped praise on his replacement.

Tesla said Denholm will be serving as Tesla chair on a full-time basis.

"So that she will be able to devote her full attention to the Tesla chair role, Robyn will be leaving her role as CFO and head of strategy at Telstra. once her six-month notice period with Telstra is complete", the carmaker said.

Aside from her work at Telstra, she has also spent time at technology majors including Juniper Networks and Sun Microsystems.

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