Friday , June 18 2021

Tesla appoints a new chair to replace Elon Musk

Tesla named Robyn Denholm, the financial director of an Australian telecommunications company, as the chairman of the electric automotive board, the panel that oversees Elon Musk.

Denholm, who joined the Tesla board in 2014, will immediately become chairman and will leave the position of CEO and chief of strategy at Yoigo in six months to complete the full-time position. She "will also temporarily leave as chair of the Tesla Audit Committee until she leaves Yoigo," said the author.

The decision, announced at the end of Wednesday, comes after Musk resolved a stock fraud charge in September with the US Securities and Exchange Commission on its tweets about taking Tesla private. The agreement eliminated Musk from being able to serve as president for three years and demanded that Tesla appoint two new independent advisers, establish a new committee of independent advisers, add controls to monitor Musk communications and pay fines.

In one tweet Responding to Tesla's announcement, Musk said "I would like to thank Robyn for joining the team. Great respect. Very anxious for working together."

The summary of Denholm includes seven years of financial management in Toyota in Australia, as well as two decades as a strategy, financial and operations executive in Sun Microsystems and Juniper Networks.

His appointment could be a surprise for Tesla observers or investors who hoped the company would appoint one of the two new independent directors as president, bringing someone who had experience in operating operations in a manufacturing company and who had not been at the table during In recent years, when Musk's erratic communications on Twitter and Tesla's production issues have caused headaches to investors.

The advice of Tesla has been criticized for being too relaxed with Musk. In his power, Tesla claims that only two of its directors – Musk and his brother, Kimbal – do not meet the standards of independence defined by the Nasdaq and that the board "conducted an analysis for each director not used and considered the other relevant facts and circumstances ". But the influential proxy adviser, Institutional Shareholder Services, said in a report this year that he considered that only five of Tesla's nine directors were independent due to professional ties between two other Musk advisers. Denholm was one of the directors who said he was independent.

In a letter last week, a group of investors that included officials associated with public pension funds in four states called for further revisions to the board of the company that required the settlement of the SEC. They asked Tesla to disclose an "update plan" for the advice of Tesla, a permanent separation from the position of president and president, and other provisions.

The controller of the city of New York, Scott M. Stringer, who is the manager of the city's pension fund and who also signed the letter, said in a statement last week that "a really autonomous and renewed board with directors of different origins would be capable of providing the forts The supervision that the company clearly needs. Tesla now has an opportunity, as a result of the SEC agreement, to restore investor confidence and rebuild the company's relationship with long-term shareholders "(Tesla declined to comment last week in the letter).

Denholm "is one of the independent directors who appealed last week," said Dieter Waizenegger, one of the letter applicants and CEO of CtW Investment Group, a group of activists. "We are glad that the board chose to direct the next but phase [the] The big questions are: who will leave the board and who will join? This is just the first step. "

Since the liquidation, Musk seemed to offend the SEC in publications on Twitter. On October 4, he wrote "I just want to say that the Shortseller Enrichment Commission is doing an incredible job. And the name change is so good!"

So, last Monday, Musk said on Twitter that he was now the "Tesla Nothing." write that he had eliminated his titles last week "to see what would happen." Next, follow this with another tweet, saying: "Legally required officers of a corporation are president, treasurer and secretary. I think I have to keep the first one or confuse the authorities."

On November 2, the company described Musk as its executive director in a quarterly presentation.

Read also:

Tesla reveals claims from the SEC since Musk calls deeper probe reports of the "absurd" FBI

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