Robyn M. Denholm Named Tesla’s New Board Chair

Tesla Inc. (TSLA) has successfully concluded its search for a new board chair.

On Wednesday evening, the electric vehicle giant announced that Robyn Denholm, the CFO of Australia’s leading telecommunications firm Telstra, will now chair Tesla’s board. Denholm, who has been an independent Tesla director since 2014, will succeed Elon Musk in this role. At 55 years old, she plans to step down from Telstra after completing her six-month notice period and will temporarily relinquish her position as chair of Tesla’s audit committee.

Elon Musk, Tesla’s founder and CEO, was compelled by U.S. regulators to step down as board chair. Following Musk’s August tweets claiming “funding secured” to take Tesla private, the Securities and Exchange Commission mandated that Tesla appoint an independent board chair by November 13. While the SEC deemed Musk’s tweets misleading, they allowed him to remain CEO as part of a settlement agreement.

Denholm holds a bachelor’s degree in economics from the University of Sydney and a master’s in commerce from the University of New South Wales. She brings extensive leadership experience from the tech sector, having served as CFO and COO at Juniper Networks Inc., and held executive roles at Sun Microsystems, Toyota, and Arthur Andersen & Co. Prior to Tesla, she was CFO and head of strategy at Telstra, Australia’s largest telecom company. A self-described car enthusiast, Denholm had already placed an order for a Tesla Model S when she joined the board in 2014.

Musk praised her appointment, stating, “Robyn’s deep expertise in technology and automotive sectors, combined with her valuable contributions over the past four years, have helped Tesla achieve profitability.”

Tesla confirmed that Denholm’s appointment is effective immediately; however, she will officially take on full-time board chair duties after fulfilling her six-month notice at Telstra. A company spokesperson revealed that upon her transition, Denholm will receive an annual grant of 8,000 stock options along with a $300,000 cash retainer.

Denholm expressed enthusiasm for her new role, saying, “I have great faith in Tesla’s mission and look forward to collaborating with Elon and the team to drive sustainable profitability and enhance long-term shareholder value.”

Reports indicated that some Tesla board members had considered James Murdoch, CEO of Twenty-First Century Fox Inc., as a potential successor to Musk.

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