Robyn Denholm replaced Elon Musk as chairman of Tesla’s board, the company announced. She will be leaving her role as CFO at Telstra, Australia’s largest telecom company, to focus all her attention on Tesla. Musk was mandated to step down as chairman of the board at Tesla as part of a settlement with the SEC following a series of tweets in which he said he was considering taking Tesla private, which first had Tesla shares soaring to $387.46 on Aug 7, before plummeting over 25%.
- Will a new chairman of the board help Tesla towards a more stable future?
- Is it good for Musk to have a little less responsibility?
She will also be leaving her role as CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company, after a six-month notice period there, to focus on her work as Tesla chair full-time, 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 especially after the electric vehicle maker 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.