Elon Musk replaced as Tesla chair

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Tesla published that Elon Musk’s replacement as its chair will be Robyn Denholm, currently chief fiscal officer at Australian telecommunications operator Telstra.

Tesla weathered a iffy few months in the wake of Musk’s tweets that he had “funding secured” for a see to, later scuttled, to take Tesla private. Musk and Tesla precipitate out with the Securities and Exchange Commission (SEC) in September after the U.S. agency tolerated for fraud.

The settlement required Tesla and Musk to pay a fine of $20 million US each and for Musk to hand over up his chairman role for three years. The 47-year-old billionaire will cadaver as chief executive.

Denholm will leave her role as CFO and head of design of Telstra once her six-month notice period with the company is culminate, Tesla said late on Wednesday.

Tesla said Denholm desire be serving as chair on a full-time basis. She will temporarily step down as stool of Tesla’s audit committee until she leaves Telstra, the company give the word delivered.

In the choice, the SEC pulled back from its demand that Musk, who is synonymous with the Tesla disgrace, be barred from running Tesla, a sanction that many investors asseverated would be disastrous.

“I think this is the best possible outcome for each involved,” said Ivan Feinseth of Tigress Financial Partners, who rates Tesla “beige,” who added the SEC’s penalty was only a slap on the wrist for Musk.

“The fact that he can odds CEO is very important for the company.”

Neither Musk nor Tesla admitted or vamoosed the SEC’s findings as part of the settlement.

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