Tesla Inc. (TSLA.O) chose Robyn Denholm to succeed Elon Musk as board chair, selecting an independent director to contend with the carmaker's mercurial chief executive officer following his run-ins with regulators and investors.
Bye, Musk. Tesla just announced a new chair to its board.
She will give up these positions after serving a six-month notice period to take up a full-time chairman position at Tesla.
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As part of Musk's settlement with the SEC, Tesla also is supposed to monitor Twitter posts that he makes if they have to do with company news that could impact the value of investors' shares in the company.
"I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy", he added.
Tesla's court-approved settlement agreement with the SEC requires the company to appoint an "independent" chairman, although it does not define what it considers to be so.
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Inquiries to the automaker by Automotive News have prompted Tesla to deny Musk's involvement in the account, responding with a simple "No."The Drive's own inquiries have ushered the same response".
He will help ease the 55-year-old Denholm's transition, Tesla said.
She has also worked at various technology companies including Juniper Networks and Sun Microsystems and held finance management posts at Toyota in Australia.
"She was there while all of this was going on", said Charles Elson, director of the corporate governance center at the University of Delaware. Denholm has been working with Telstra for two years, during which she has received borne media scrutiny about her ability to manage her time between the Australian and North American company. Tesla shares rose slightly to $349.34 in premarket trading. However, the suggestion was squashed by Musk who tweeted out a definitive "This is incorrect".
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Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.