Tesla replaces Elon Musk as chair-he’ll stay CEO

2018 Model X sits on display outside a Tesla showroom in Littleton Colo. Elon Musk???s murky future as Tesla Motors??? CEO amid a securities fraud lawsuit isn???t the only cloud hanging over the electric car make

2018 Model X sits on display outside a Tesla showroom in Littleton Colo. Elon Musk???s murky future as Tesla Motors??? CEO amid a securities fraud lawsuit isn???t the only cloud hanging over the electric car make

Tesla said Denholm will be serving as chair on a full-time basis and that she will temporarily step down as chair of the company's audit committee until she leaves Telstra.

Denholm has held leadership roles in both Australia and Silicon Valley, including Juniper Networks and Sun Microsystems.

A Tesla spokesman said Ms Denholm would receive an annual cash retainer of $300,000, with $8000 in stock options annually. She was paid nearly $5 million, mainly in stock options, by the company past year, making her the highest remunerated of its board members.

Beginning her working life as an auditor at Arthur Andersen's Sydney office in 1984, Denholm then spent seven years at Toyota Australia, working primarily in finance and consolidation.

Tesla has named a new chair to replace Elon Musk, after the CEO agreed to step down from the company's board as part of a settlement with the Securities and Exchange Commission. She will assume the chairman's role immediately, the company said.

The appointment marks the end of an era for Musk, 47, who became chairman when he led a US$7.5 million initial investment in Tesla in April 2004. Musk, still the firm's largest shareholder, stays on as CEO and keeps a board seat.

More news: Polls close in Georgia as governor race comes down to the wire
More news: Iranian marchers chant ‘Death to America’ on eve of United States oil sanctions
More news: High turnout is forecast for the USA midterm elections

Musk, 47, has been pressured into relinquishing his position as chairman but will remain as CEO in day-to-day control of the electric auto company. Since it went public in 2010, Tesla has posted a profit in only two quarters: once in 2013 and again in 2016. 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.

In August, Musk tweeted that he had thought about taking the company private and wrote that he had secured funding for a deal at $420 a share.

A new chairman could conceivably rein in Musk or adjust Musk's role at the world's most drama-filled electric vehicle maker.

The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.

The spokeswoman added that Tesla was actively looking for two additional independent directors. Musk tweeted his support for the decision.

Musk smoked pot while appearing on The Joe Rogan Experience in September and called the SEC the "Shortseller Enrichment Commission" in an October tweet, after their settlement.

Recommended News

  • It’s Federer and Djokovic in the Paris Semifinals

    It’s Federer and Djokovic in the Paris Semifinals

    Karen Khachanov of Russian Federation (R) with the winners trophy alongside runner up Novak Djokovic of Serbia after the final. Karen Khachanov says his win over Novak Djokovic in the Paris Masters final was one of the biggest of his career so far.
    Mac Miller's Cause of Death Revealed To Be Fentanyl and Cocaine

    Mac Miller's Cause of Death Revealed To Be Fentanyl and Cocaine

    His music, which often examined his depression and drug use, won him fans among some of the biggest names in hip-hop. There was a 1/4-inch abrasion on the bridge of his nose, and there was blood coming out of one nostril.
    4 people killed when truck hits Girl Scout troop picking up trash

    4 people killed when truck hits Girl Scout troop picking up trash

    Two girls and a chaperone were killed on the roadside, according to the Lake Hallie Police Department, which is investigating. The girls were reported to have been about 10 years old and pupils of an elementary school in Chippewa Falls, Wisconsin.
  • Supreme Court rejects industry challenge of 2015 net neutrality rules

    Supreme Court rejects industry challenge of 2015 net neutrality rules

    As a result of the failed case, the previous DC Circuit court ruling made back in 2016 will stand. The FCC's reversal reflected the Trump administration's deregulatory philosophy.
    John Legend rips Trump, calls him a 'f------ embarrassment' on Twitter

    John Legend rips Trump, calls him a 'f------ embarrassment' on Twitter

    However, this wound Trump up even more and he ended up saying he wasn't a huge fan of Alexander either. "You are not the best". Trump has also reportedly removed Deputy AG Rod Rosenstein from the investigation and appointed Matthew Whitaker as acting AG.
    Download iPad Pro 2018 QHD Official Stock Wallpapers

    Download iPad Pro 2018 QHD Official Stock Wallpapers

    To start with you can get it in a Wi-Fi-only version, or with a cellular connection to allow you to access 4G data on the go. The new iPad Pro Apple replaced similar to the new iPhones - the fingerprint scanner through the face recognition FaceID.
  • Beto O'Rourke vs. Ted Cruz

    Beto O'Rourke vs. Ted Cruz

    But the Democrat also received some unwanted attention. "Beto O'Rourke, he's showing the f-ck up". Polling has at times shown a close race , but Cruz has consistently led.
    Sergio AGUERO scores 150th Premier League goal for Manchester City

    Sergio AGUERO scores 150th Premier League goal for Manchester City

    Sterling added his second of the game midway through the second half before Sane completed the rout in stoppage time. City needed only five minutes to take the lead against Southampton, Wesley Hoedt putting through his own net.
    Boeing stock rebounds after mysterious Lion Air plane crash

    Boeing stock rebounds after mysterious Lion Air plane crash

    The devices record information about the speed, altitude and direction of the plane as well as flight crew conversations. The country's airlines have previously been banned from operating in the United States and European Union.
  • Man United to take momentum into Manchester derby

    Man United to take momentum into Manchester derby

    Again, the goal came from a free-kick after Fellaini had pushed forward in attack and Anthony Martial had threatened. He has won big honours for club and country and can be a game-changer, but fails to deliver too often.
    Florida voters restore most former convicts' voting rights

    Florida voters restore most former convicts' voting rights

    The American Civil Liberties Union (ACLU) estimates 1.4 million convicted felons will now have the ability to vote in Florida. While the amendment, in theory, gives voters the power to expand gambling, it could actually make the process more hard .
    What’s at stake in USA  midterm elections?

    What’s at stake in USA midterm elections?

    Three states could elect their first African-American governors, while several others are running LGBT candidates and Muslims. Anxious Republicans privately expressed confidence in their narrow Senate majority but feared the House was slipping away.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.