MENU

Telstra CFO to replace Elon Musk as Chair on Tesla Board

Tesla has announced that the Telstra Corporation Ltd  (ASX: TLS) Chief Financial Officer and Head of Strategy, Robyn Denholm will replace Elon Musk as Chair on the Tesla Board. 

The move comes after Elon Musk settled fraud charges by the US Securities and Exchange Commission (SEC) by agreeing to step down as Chairman following a tweet in which he claimed he could take Tesla private at a substantial premium and that there was “funding secured”.

Elon Musk will remain in his role as CEO of Tesla and Robyn Denholm will take over a full-time role as Chairwoman of Tesla. As a result, she will step down from her role at Telstra after serving her six months’ notice period.

She will also temporarily step down from her existing role as Chair of Tesla’s Audit Committee until she leaves Telstra.

According to Tesla’s announcement, Australian born Robyn Denholm has, “served on the Tesla Board as an independent director since 2014. Her global experience in both Australia and Silicon Valley encompasses leadership roles across a range of technology companies, including Telstra, Juniper NetworksSun Microsystems, and Toyota“.

What did Robyn and Musk have to say?

“I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value,” Robyn said.

“Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company,” said Elon Musk. “I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy.”

Foolish Takeaway

Whilst Telstra have lost an experienced executive, it’s not the worst news for the broader Australian tech industry which will have an ambassador right at the epicenter of one of the most innovative companies in the world. I wouldn’t be surprised if Robyn plays a future role in assisting Australian tech companies looking to grow in the US given her deep expertise and experience in both markets.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Atlassian.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Kevin Gandiya owns shares of Tesla.

You can find Kevin on Twitter @KevinGandiya.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.