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

Meet Robyn Denholm: She'll take the new job as Tesla's chair in May 2019. Tesla has announced a new chair of its board of directors: Robyn Denholm. The move is part of the deal with the Securities and Exchange Commission to settle claims that CEO Elon Musk misled investors. The deal prohibits Musk from serving as chairman of the company for three years. He will remain CEO of Tesla. Denholm, who has served on Teslas board since 2014, will leave her role as CFO of Telstra, the Australian telecom giant, in six months. Tesla's conflict with the SEC began in August, when Musk tweeted that he was taking the electric vehicle company private and had "funding secured" at $420 a share. The companys share price soared, and then plummeted when it turned out there was no such funding after all. Musk did not comment about the move on Twitter, but he did laud his colleague in a company statement. "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," Musk said. "I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy."

Tesla replaces Elon Musk as board chair with Telstra CFO Robyn Denholm

Should be easy to edit those business cards. As part of his settlement with the SEC over tweets about taking Tesla private, Elon Musk agreed to step down from his post as chairman of the board of directors. Now, while he's still CEO and retains his seat on the board, Tesla has announced his replacement: Robyn Denholm. Already a Tesla board member, she is currently CFO and head of strategy for the Australian telecom Telstra, but will leave that post once her six-month notice period is up to serve as board chair of Tesla full-time. In a statement, Denholm said "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. " She's previously held positions in finance and strategy at tech companies like Sun Microsystems and Juniper Networks and according to Musk, "she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company." Denholm also served on the committee that explored going private in the whirlwind period after Musk's fateful tweets. Other parts of the SEC settlement included $20 million in penalties, and a promise for plans to place procedures and controls on Musk's tweets. Would like to thank Robyn for joining the team. Great respect. Very much look forward to working together.