- Robyn Denholm has been appointed chair of Tesla’s board, replacing CEO Elon Musk, the company said late Wednesday
- The change was required as part of Tesla’s $20 million settlement with the SEC.
- Tesla also has to add two more independent directors to the board by December 28, per the settlement.
Robyn Denholm, an Australian telecoms executive, has been appointed chair of Tesla’s board of directors following the company’s $20 million settlement with the US’ top stock market regulator.
Per its agreement with the Securities and Exchange Commission, Tesla had 45 days to replace CEO Elon Musk as chair, a deadline it met by about a week. It also has 90 days from the September 29 settlement – December 28 – to add two more independent directors,
Tesla’s billionaire CEO isn’t the only the only Tesla director to come under fire recently. The board has been criticized for a lack of relevant automotive experience, with the exception of Denholm, who spent seven years at Toyota in Australia.
Kimball Musk, Elon Musk’s brother, and James Murdoch, son of British media mogul Rupert Murdoch, have also been called unfit for their posts by major proxy advisory firm Glass Lewis. Other groups, like pension representatives CtW Investment Group and the elected officials from multiple states have called for changes above and beyond required in the SEC settlement.
As we wait for news on what other two independent directors will be added to the board, Business Insider has rounded up the company’ eight directors into one succinct list. Here’s a look at the group guiding Tesla and advocating for its shareholders:
Source: Business Insider
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