Tesla picks Robyn Denholm to replace Musk as chairperson

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Denholm, who has been an independent director on Tesla's board since 2014, will be leaving her role as CFO of Telstra (tlsyy), Australia's largest telecoms company.

Tesla says Denholm will leave Telstra after her six-month notice period with the company is complete.

A corporate governance expert questioned whether Denholm is the right person for the job, given that she was a member of Tesla's board for four years yet failed to rein in the visionary yet erratic Musk.

Musk resigned as Tesla chairman in October under an arrangement with U.S. regulators to settle fraud charges stemming from a tweet in which he said he planned to take the company private and had financing to do it.

Critics of Tesla's board have said members lack independence and are too closely allied with Musk, many through financial deals.

"The fact that he can remain CEO is very important for the company".

Tesla's board of directors has appointed Robyn Denholm as Chair of the company's board, effective immediately, replacing the company's founder Elon Musk. "Great respect. Very much look forward to working together", Musk tweeted early on Thursday.

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Tesla's board, which includes Musk's brother Kimbal, has long come under fire from corporate governance experts for lacking independence and being comprised of Musk loyalists.

He said Telstra is "undertaking a search for a new chief financial officer" and would provide an update on her replacement "as soon as possible". Tesla has to employ or designate a securities lawyer to review messages that senior officers send through Twitter and other social media.

The spokeswoman added that Tesla was actively looking for two additional independent directors. The deal required Musk to not serve as chairman for three years.

Before moving to Telstra, she worked for Silicon Valley firms Sun Microsystems and Juniper Networks as well as consultants Arthur Anderson and Toyota.

"Just want to that the Shortseller Enrichment Commission is doing incredible work".

That drew attention from the SEC because the tweet pushed up Tesla's stock price and harmed short-sellers who bet that the share price would fall.