Tesla overlooks James Murdoch for chairman role vacated by Elon Musk

A Tesla Inc. Model S electric vehicle is displayed at the company's showroom in Newport Beach California U.S. on Friday

Tesla said it has appointed Robyn Denholm of the Australian telecoms company Telstra as board director after Elon Musk resigned from the post.

But upon taking her new role as chairwoman of Tesla, Denholm will step down from her CFO role at Telstra once her six-month notice completes.

Tesla has weathered a rocky few months in the wake of Mr Musk's tweets that he had "funding secured" for a deal, later scuttled, to take Tesla private.

Denholm is one of the two female directors on Tesla's nine-member board since 2014.

Tesla picked Australian executive Robyn Denholm to replace Elon Musk as chairman, a role that will give her oversight of the unorthodox billionaire. The move is part of the deal with the Securities and Exchange Commission to settle claims that CEO Elon Musk misled investors.

Elon Musk shows off his disturbingly long tunnel on Twitter
This is critical to make pricing as affordable as possible", Musk wrote on Twitter. The company also received a similar permission from the authorities of Chicago .

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.

"We are undertaking a search for a new chief financial officer and will provide an update on a replacement appointment as soon as possible", Mr Penn said. Tesla has to employ or designate a securities lawyer to review messages that senior officers send through Twitter and other social media.

Robyn Denholm has experience in both Australia and Silicon Valley across a range of big companies, including Telstra, Juniper Networks, Sun Microsystems, as well as Toyota, where she worked in numerous finance management roles. It was only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years.

He also taken aim at short-sellers, or investors who borrowed shares of Tesla and immediately sold them with the hope that Tesla's share price would fall, a number of times.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement. But even after the settlement was announced, Musk taunted the agency, calling it the "Shortseller Enrichment Commission" before snidely praising it for "doing incredible work".

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