Tesla chooses director Denholm as president after the ranks of Musk

Tesla chooses director Denholm as president after the ranks of Musk https://www.eresviral.com/wp-content/uploads/2018/11/Tesla-elige-al-director-Denholm-como-presidente-después-de-las-filas-de-Musk

Tesla chooses director Denholm as president after the ranks of Musk







(Reuters) - Tesla Inc director Robyn Denholm, a telecommunications executive who worked for Toyota, was promoted to chairwoman of the electric car company and was in charge of regulating billionaire Elon Musk's regime after months of turbulence.  

Denholm, an Australian accountant, is currently the head of finance of the telecommunications firm Telstra Corp Ltd and replaces Musk after he was forced to resign the paper as part of an agreement to avoid charges of fraud by the Exchange Commission. and Values. 

The change of structure in the Silicon Valley company, agreed by Musk in a September settlement, is supported by many on Wall Street, who fear that their record of erratic behavior is undermining the company's progress. 

While he will resign from Telstra to take over full-time, some analysts expressed concern that he is not far enough away from Musk to curb the billionaire's public outbursts and bring more order to Tesla. 

Denholm, 55, has been an independent director of Tesla since 2014 and the head of its audit committee. The company paid him almost $ 5 million, mainly in stock options, by the company last year, which made it the highest compensation for the members of its board of directors. 

Musk, who remains Tesla's largest shareholder and the driving force behind his ambitious plans to remodel the technology of electric batteries and car transport, tweeted here Your approval of the appointment.  

"Musk, I think it has a lot to do with the national team and he wants to be sure that they can see eye to eye," said Elazar Capital analyst Chaim Siegel. 

The settlement agreement approved by Tesla's court with the SEC requires that the company designate an "independent" president, although it does not define what it considers to be. 

The regulator refused to say on Thursday whether it approved the appointment of Denholm.  

Stephen Diamond, professor of corporate governance at Santa Clara University, said that, in general, the definition of "independent" is relaxed and that, as a result, he believed that the SEC would not oppose it. 

"But it violates the spirit of the agreement, which was to change the culture of the board of directors so that there was control over Musk's worst instincts," he added.  

Top institutional advisers Institutional Shareholder Services and Glass, Lewis & Co classified Denholm as Tesla's "independent" director in reports to the automaker's investors earlier this year. 

HUMBLE PRINCIPLES 

Denholm pumped gas at his parents' gas station before studying at the University of Sydney and joined the accounting firm Arthur Andersen. 

Since then, he has worked for the Swiss electrical network manufacturer ABB Ltd, the network equipment company Juniper Networks and the computer giant of the 80s and 90s, Sun Microsystems.  

Telstra CEO Andy Penn said when he named her: "Robyn has a proven track record as a global COO in a company focused on telecommunications networks." 

"She has overseen the transformation of the business model, the supply chain and the general engineering of business processes. She has been a senior executive and director in a range of complex technological environments that make her ideally qualified for the role. " 

However, the executive recruiter, Patricia Lenkov, said Denholm was probably not the right choice for the job, arguing that Tesla needed a more experienced figure in dealing with strong founders.  

"There may be an element of risk here, she is not a proven entity in this type of work," he said.  

While Tesla is finally starting to fulfill Musk's promises about the production of the Model 3 sedan, seen as crucial to the company's future, it has lost top executives in sales, human resources, manufacturing and finance in recent months.   

It was reported that his vice president of manufacturing, Gilbert Passin, had left last month. 

"We see the fact that Denholm has a previous experience in the industry with Toyota in a positive way," said Garrett Nelson, an analyst at CFRA Research, adding that it made sense that Tesla should try to avoid the risk of a real stranger colliding with him. Musk.  

The Silicon Valley billionaire's gift for self-promotion made Tesla one of the most talked-about companies in the world, but it also caused public talks with journalists, analysts, Wall Street investors and rapper Azealia Banks. 

He is being sued for calling one of the divers behind the Thai rescue cave this year a "fart". 









Robyn Denholm and Elon Musk. REUTERS / Archives



According to the Australian newspaper, Denholm said the only things that really disappoint her are poor education and waste.  

"Courtesy costs you absolutely nothing. "It does not matter if you are the most important person in the room or the youngest," he told the newspaper in an interview a few years ago.      

Tesla shares rose 1.4 percent in morning trading. 





Additional reports by Akanksha Rana and Philip George in Bengaluru, Melanie Burton in Melbourne, and Michelle Price and Jan Wolfe in Washington; Edited by Patrick Graham, Bernard Orr





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