Friday , June 18 2021

Tesla appoints Robyn Denholm as president after the Musk lines, United States News & Top Stories

NEW YORK (REUTERS) – Tesla's manager, Robyn Denholm, a telecommunications executive who worked for Toyota, was promoted to the chairman of the electric car company, charged with regulating Elon Musk's billion dollar scheme after months of turbulence that worried Wall Street

An Australian accountant, Denholm currently works for the Telstra telecommunications company and replaces Musk after he was forced to resign to the role as part of an agreement to lead fraud accusations by the Securities Commission.

The change in structure in the Silicon Valley business, agreed by Musk in a September judicial agreement, is backed by many on Wall Street who worry that their history of erratic behavior is undermining the company's progress.

While she relinquished Telstra to fill the full-time position, some analysts expressed concern that it was not removed from Musk clearly to control the multimillionaire's public explosions and bring Tesla to a greater extent.

Denholm has been an independent director of Tesla since 2014 and head of its audit commission. She paid almost $ 5 million, mainly in stock options, by the company last year, making her the highest remuneration of her board members.

"I think an external candidate would be the best option," said NordLB analyst Frank Schwope. "She is the simplest way for Elon Musk to continue as before."

Musk, who remains the largest shareholder in Tesla and the driver of his ambitious plans to reconfigure electric battery technology and car transport, tweeted his approval of the appointment.

The settlement agreement approved by the Tesla court with the SEC requires the company to appoint an "independent" president, although it does not define what he considers to be independent.

A key question for the SEC will be whether Denholm can be considered independent, given its extensive connection with the company. The SEC did not want to comment if the Denholm nomination had been approved.

"Musk, I think it has a lot to do with the selection and he wants to be sure that they can be looked into," said another analyst, Chaim Siegel of Elazar Capital.

Technical follow-up record

Denholm is currently the financial director of Telstra's telecommunications operator Telstra. She pumped gasoline into the freight station of her parents before moving to study at the University of Sydney and joining the accounting firm Arthur Andersen.

Since then, he has worked on the Swiss manufacturer of ABB electrical networks, the Juniper Networks network gear and the giants of the 1980s and 1990s of giant Sun Microsystems.

The CEO of Telstra, Andy Penn, said when he named him: "Robyn has a proven track record as a global COO in a business focused on telecommunication networks.

"She oversaw the transformation of the business model, the supply chain and the wider reengineering of the business process. She has been executive and senior director in a variety of complex technological environments that make her ideal for the role."

While Tesla is beginning to fulfill the promises of Musk in the production of Model 3 sedan, considered crucial for the future of the company, it has lost high sales executives, human resources, manufacturing and finance in recent months.

His vice president for the production of Gilbert Passin was informed last month of leaving.

The company saw months of turbulence related to the public behavior of Musk, whose gift for self-promotion made Tesla one of the most talked about companies in the world as it provoked swords with journalists, analysts, investors of Wall Street and rappers Azealia Banks.

He is being sued to call one of the divers after this Thai rescue of a "pedo".

According to The Australian, Denholm, 55, says that the only things that really disappoint him are rudeness and waste.

"I do not like people who spend resources, or if people and entities do not fulfill their potential. And courtesy costs absolutely nothing. It does not matter if you are the largest person in the room or most junior," he said to the newspaper

She assumes the position of Tesla's chairman immediately and will leave her role as CEO and head of strategy in Telstra once her six-month notice period with the company is complete, Tesla said she was named Telstra's CFO at July.

Tesla's shares rose 1.4 percent in tomorrow's trading.

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