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MoneyTesla Names Telstra Executive to Replace Elon Musk as Chairman

01:45  09 november  2018
01:45  09 november  2018 Source:   online.wsj.com

Tesla appoints Robyn Denholm to replace Elon Musk as chair

Tesla appoints Robyn Denholm to replace Elon Musk as chair Denholm will leave her positions at Telstra after a six-month notice period.

Elon Musk remains chief executive of Tesla . Photograph: ABB Group. Tesla has appointed Robyn Denholm as chair of its board, replacing the electric carmaker’s billionaire founder Elon Musk . The move, which was forced on the company by US financial regulators to settle fraud claims against

Tesla Inc. named Robyn Denholm as its new chairman , replacing Chief Executive Elon Musk as the head of the board with a relative outsider who Ms. Denholm, the chief financial officer of Australian telecommunications company Telstra Corp., has served on Tesla ’s board since 2014 but has fewer

Tesla Names Telstra Executive to Replace Elon Musk as Chairman© News Corp Australia

Tesla Inc. named Robyn Denholm as its new chairman, replacing Chief Executive Elon Musk as the head of the board with a relative outsider who will face the difficult task of overseeing the maverick billionaire.

Ms. Denholm, the chief financial officer of Australian telecommunications company Telstra Corp., has served on Tesla’s board since 2014 but has fewer ties to Mr. Musk than most of the company’s directors. The companies said she would be leaving her CFO role at Telstra in May and until then relinquish her role as chair of Tesla’s audit committee.

The announcement comes ahead of a Nov. 13 deadline that was part of Mr. Musk’s settlement with the U.S. Securities and Exchange Commission to end claims he misled investors. That deal required Mr. Musk to step aside as head of the board for three years in favour of an independent chairman.

Can Australia's Robyn Denholm tame Elon Musk?

Can Australia's Robyn Denholm tame Elon Musk? The outgoing Telstra CFO faced a choice between one of the biggest jobs in corporate Australia, and perhaps the biggest job in the entire corporate world.

The company named Robyn Denholm, an executive at an Australian telecommunications company, to She “will also temporarily step down as Chair of Tesla ’s Audit Committee until she leaves Telstra ,” the The settlement stripped Musk of the ability to serve as chairman for three years and required

Tesla Inc. named Robyn Denholm as its new chairman , replacing Chief Executive Elon Musk as the head of the board with a relative outsider who will face the difficult task of overseeing the maverick billionaire. Ms. Denholm, the chief financial officer of Australian telecommunications company Telstra

Installing Ms. Denholm, who is 55 years old, as chairman puts another leader at the top of Tesla for the first time since its earliest days when Mr. Musk was named chairman in 2004 after becoming the largest investor. Mr. Musk, who has also held the title of chief product architect, has run Tesla almost as an extension of himself, spearheading parts of the business as varied as strategy and marketing, and engineering while immersing himself in the smallest of production details. He remains CEO.

The decision thrusts into one of the brightest spotlights in American business a woman who is little known in the U.S. but has extensive experience as a finance executive in Silicon Valley and her native Australia.

As a Tesla board member, Ms. Denholm has provided some rare automotive experience to a company that prides itself on being an industry outsider. She spent seven years at Toyota Motor Corp. in Australia, where she was a senior financial manager.

Telstra's new CFO is leaving to become Tesla's chair

Telstra's new CFO is leaving to become Tesla's chair Australian Robyn Denholm has been appointed the chair of Tesla in the US. She is currently CFO and Head of Strategy at Telstra. She will leave that role to chair Tesla full-time.

Tesla said company director Robyn Denholm will replace Elon Musk as its board chair , fulfilling a key requirement of Securities and Exchange Commission The selection of Denholm, who joined Tesla 's board in 2014, indicates a preference for an independent executive who's also highly familiar with the

Elon Musk agreed Saturday to step down as chairman of Tesla and pay a million fine in a deal to settle charges brought this week by the Securities and Exchange Commission. Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as

Her career blossomed in the tech industry. She held various roles at Sun Microsystems before getting hired at Juniper Networks Inc. in 2007. She left as chief financial officer and operations officer in 2016 and in 2017 joined Telstra, where she was initially chief operations officer. She became CFO this year.

Elon Musk's space Roadster just passed Mars

Elon Musk's space Roadster just passed Mars On Friday, SpaceX announced that Starman, the Tesla space Roadster's makeshift pilot, has officially passed Mars' orbit. 

Elon Musk , Tesla ’s chief executive , reached a deal with the Securities and Exchange Commission on Saturday that forces him to give up the chairman ’s The settlement will force Mr. Musk to step aside as chairman for three years and pay a million fine. The S.E.C. announced the deal two days after

Elon Musk has settled with the US Securities and Exchange Commission, which had sued him for fraud over his tweets about taking Tesla private. According to the settlement filing, Musk has 45 days to step down as chairman of the board of directors of Tesla , and is banned from holding the position for

Enthusiasm for Mr. Musk’s vision of the future, including electric cars that drive themselves, has helped push Tesla’s market value to rival General Motors Co., even though Tesla has never turned an annual profit and sells a fraction of the cars. Tesla’s growth has been, in large part, fueled by its continued access to capital—either through issuing new shares or taking on new debt. A Tesla without Mr. Musk would likely have a harder time raising funds, analysts have said.

That creates a challenging situation for the Tesla board and Ms. Denholm. They have to manage Mr. Musk while allowing him to operate in the unconventional way that has enabled its success. Tesla acknowledges as much in its filings with the SEC, noting the company is “highly dependent on the services” of Mr. Musk.

The dispute with the SEC stemmed from Mr. Musk’s Aug. 7 tweets in which he raised the idea of taking Tesla private and said he had secured funding for a deal at $420 a share. Shares initially soared with the unexpected news only to later plummet as it became clear over ensuing days that Mr. Musk didn’t have a finalised plan.

Elon Musk's space Roadster just passed Mars

Elon Musk's space Roadster just passed Mars On Friday, SpaceX announced that Starman, the Tesla space Roadster's makeshift pilot, has officially passed Mars' orbit. 

(Reuters) - Tesla Inc (TSLA.O) has ended weeks of speculation by promoting one of the electric carmaker’s independent directors, Australian accountant Robyn Denholm, to replace Elon Musk as chairman . The change in structure at the Silicon Valley firm, agreed to by Musk in a September court

James Murdoch has become the favourite to succeed Elon Musk as the chairman of Tesla , which must replace the electric carmaker’s founder in the Two people briefed on the discussions said Mr Murdoch, a non- executive director of Tesla , was the lead candidate for the role, which is required by

The SEC alleged that Mr. Musk didn’t have funding locked down and accused him of picking that price—a reference to marijuana—to impress his girlfriend.

The Sept. 29 settlement with the SEC, in which Mr. Musk neither admitted nor denied wrongdoing, required him and Tesla each to pay $20 million in fines. It also required Tesla to add two new independent board members and establish a system to oversee Mr. Musk’s public statements. Tesla has until the end of December to meet those requirements. Mr. Musk was allowed to remain as Tesla CEO and stay on Tesla’s board.

Tesla Names Telstra Executive to Replace Elon Musk as Chairman© AP Photo/Chris Carlson Elon Musk will remain CEO of Tesla. Mr. Musk’s tweet about going private triggered gyrations in Tesla’s stock price and sparked a crisis for the board. A week afterwards, it appointed a special committee to evaluate a possible deal, composed of Ms. Denholm and two other directors. The committee hired advisers but was dissolved when Mr. Musk reversed course later in August.

It is unclear if the loss of the chairman role will change Mr. Musk’s behaviour. Mr. Musk, famous for his lack of restraint on Twitter, has seemed to make light of the issue. On Oct. 30, he tweeted that he had deleted his titles and would go by “the Nothing of Tesla,” before adding in another message that the company was legally required to have some titles and suggested he would go by president.

Starman And Tesla Roadster Have Shot Past Mars, SpaceX Says

Starman And Tesla Roadster Have Shot Past Mars, SpaceX Says SpaceX's Starman and cherry red Tesla Roadster have travelled beyond Mars. SpaceX shared a diagram of the car once driven by the aerospace manufacturer's CEO Elon Musk indicating it has now reached beyond the Red Planet. Sharing Starman's current position in a diagram to Twitter, SpaceX also tweeted a nod to Douglas Adams' seminal work The Hitchhiker's Guide to the Galaxy, which is beloved by Musk. (The Restaurant at the End of the Universe refers to the second book in the series.) The dash of the Roadster itself even has a nod to Hitchhiker's Guide, as Space.

Tesla said Robyn Denholm has taken Elon Musk 's place as chair of the company's board. She will also be leaving her role as CFO and Head of Strategy at Telstra , Australia's largest Musk was mandated to leave his role as chairman of the board at Tesla as part of a settlement with the SEC

Elon Musk has reached a settlement with the SEC that allows him to stay on as Tesla CEO but requires that he step aside from the chairman role for The surprising twist, announced Saturday by the SEC, comes after Mr. Musk rejected a settlement Thursday and appeared to be hunkering down

Days later, the company filed paperwork with the SEC that continued to call him CEO.

That tweet was part of a series of statements since the SEC settlement that seemed to poke fun at it without crossing a line to anger the agency into taking new action. On Oct. 4, he appeared to mock the SEC in a tweet labeling the agency as the “Shortseller Enrichment Commission,” a reference to his feud with investors who are betting against Tesla.

Tesla’s board has come under criticism from some investors and advocates for a perceived lack of independence because most of the directors have close business or personal relationships with Mr. Musk. One is his brother, Kimbal Musk.

Shareholder advocates have challenged Tesla’s board, with little success. Earlier this year shareholders rejected a push to vote off Kimbal Musk, longtime investor Antonio Gracias and media executive James Murdoch, who was painted as lacking manufacturing qualifications.

Mr. Murdoch, the CEO of 21st Century Fox, was widely speculated to be a leading candidate to take over the chairman role. Mr. Musk struck down those reports in a tweet last month. (21st Century Fox and News Corp, parent company of The Wall Street Journal, share common ownership.)

Mr. Murdoch joined Tesla’s board last year along with Linda Johnson Rice, CEO of Johnson Publishing Co., after shareholders including the California State Teachers’ Retirement System pressured the company to add two independent directors.

Ms. Denholm began her career as an auditor at Arthur Andersen in Australia in the 1980s before joining Toyota in 1989. There, she handled a number of financial-management roles as Toyota began adding larger and more luxurious vehicles to its lineup.

She then spent some two decades at Silicon Valley tech companies Sun Microsystems and Juniper Networks.

In recent years, Australia has become a proving ground for U.S. automotive executives. General Motors Co.’s top product executive, Mark Reuss, ran operations there before returning to the U.S. for increased responsibilities. The combination of local manufacturing and sales operations gives executives unique hands-on experience as well as experience dealing with currency fluctuations.

Write to Tim Higgins at [email protected]

Telstra working to fix outage affecting eftpos machines, ATMs.
Australian telecommunications giant Telstra is scrambling to restore a national outage that has left some bank customers unable to use eftpos or ATMs. Telstra is scrambling to restore a national outage that has left some bank customers ANZ customers in New South Wales, Victoria and Tasmania are among those affected. The fault emerged Friday morning and Telstra has said the cause is unclear. The outage also affected taxi services at one stage, but that issue has since been resolved. A Telstra spokesman said the company was working to restore services.

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