After a row took over Elon Musk’s twitter posts, the Electric Car maker company, Tesla has removed Musk from Board Chair with immediate effect.
Tesla said Robyn Denholm has taken Elon Musk’s place as chair of the company’s board. Denholm, who has served on Tesla’s board since 2014, will be leaving her role as CFO of Telstra to focus on Tesla full time.
The 55-year-old Australian will temporarily step down as chair of Tesla’s audit committee until she quits Telstra.
In late September, Musk, who remains chief executive and is also Tesla’s biggest investor, agreed to step down as chair for three years and pay a fine in a deal with the US Securities and Exchange Commission over tweets he made about taking the firm into private ownership. The financial regulator accused Musk of fraud and misleading investors, and fined him and the company $20m each.
“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.
“Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company,” said Musk. “I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy.”
Directors also will create a permanent committee to ensure implementation of the terms of the SEC settlement, which include setting up procedures and controls to oversee Musk’s communications — including his tweets. Tesla will have to employ or designate a securities lawyer to review messages that senior officers send through Twitter and other social media.