Robyn Denholm Replaces Elon Musk as Chair of Tesla

On Wednesday night, Tesla announced Robyn Denholm has taken Elon Musk’s place as chair of the company’s board.

She is also leaving her role as CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company, once her six-month notice period with Telstra is complete, and will be working as Tesla chair on a full-time basis, the company said in a statement.

Musk was mandated to leave his role as chairman of the board at Tesla as part of a settlement with the SEC following his now infamous take-private tweets in August. Musk said, in that series of tweets, that he was considering taking Tesla private at $420 a share, and even had some funding secured. The tweets sent shares soaring to an intraday high of $387.46 a share on Aug. 7.

Tesla’s stock, which closed at $348.16 a share Wednesday, had tumbled by more 25 percent, but began to rise recently after the company reported its largest quarterly profit in the company’s history.

In the third quarter of 2018 Tesla reported about $6.8 billion in revenue and $312 million in profit for the period. It generated nearly $190 million in revenue from sales of regulatory credits.

The electric vehicle maker also delivered 83,500 cars during the third quarter, beating Wall Street analysts’ expectations. It had been struggling to ramp up production of its batteries and Model 3 electric sedans, but more recently began to move past some of its manufacturing challenges.

A Tesla spokesperson said, in an e-mail to CNBC, once Denholm leaves Telstra she will receive 8,000 stock options each year and a cash retainer of $300,000. Denholm has been an independent director on the board of Tesla since 2014.

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SOURCE: CNBC