Tesla hits the boss to supervise the musk
Tesla hits the boss to supervise the musk
Robyn Denholm, board member, was its president and assigned the task of supervising one of the most carefree figures in the business world at a crucial time for the electric vehicle company.
The 55-year-old finance expert. ascension to paper is doubly unusual: she will need to manage Elon Musk, the iconoclastic executive director of Tesla, who led the company after becoming its biggest investor in 2004. And she is stepping down from her CFO position of the largest telecommunications company in Australia to take over the full-time Tesla position.
The opening for a new president was created as part of an agreement reached with the securities regulators with the intention of granting more supervision to Mr. Musk.
Those who have worked with Ms. Denholm at Telstra Corp. say it is sensible and straightforward.
Scott McNealy, co-founder and former CEO of Sun Microsystems, where Ms. Denholm worked in increasingly important roles from 1996 to 2007, said it could be a good complement to Musk, if he allows it.
"Elon wants the camera, he wants the microphone, Robyn does not care about that," McNealy said in an interview. "She is more COO-ish than her extravagant CEO, she is about making sure that trains run on time, that money is spent properly, that all interested parties are heard properly."
Many details about Ms. Denholm's role remain unclear, including what she will do between board meetings. Wednesday's announcement says he will assume the position of president immediately, but that he will continue his role at Telstra for six months. Tesla said that Mr. Musk, to ensure a smooth transition during that time, "would be a resource for Robyn and provide the support she requests."
Tesla said it is still unclear whether Ms. Denholm will move from Australia to Silicon Valley, where Tesla is and where she spent almost two decades working, after she left Telstra. Ms. Denholm will receive an annual cash retention of $ 300,000 and 8,000 stock options each year, said Tesla.
Supervising Mr. Musk would be a monumental task even for the most assertive president. The CEO, who also holds the title of Senior Product Architect, has directed Tesla almost as an extension of himself, spearheading parts of the business as varied as strategy, marketing and engineering while immersing himself in the smallest details of production. He is famous for talking on Twitter at all hours of the day and night, and in September he seemed to smoke marijuana. during an online interview with a comedian.
The agreement with the US Securities and Exchange Commission UU What led to the appointment of Ms. Denholm came from Mr. Musk's tweets on August 7, which raised the idea of taking Tesla privately and who claimed that he had obtained funds for a $ 420 per share deal. The stock initially went off with the unexpected news, but then it plummeted, as it became apparent in the days that followed that Mr. Musk did not have a complete plan.
The SEC alleged that Mr. Musk had no funds blocked and accused him of choosing that price, a reference to marijuana, to impress his girlfriend.
The September 29 agreement with the SEC, in which Mr. Musk did not admit or deny the irregularities, required Mr. Musk to resign as president for three years, beginning no later than November 13, but allowed remain as CEO and board of Tesla member. Mr. Musk and Tesla had to pay $ 20 million in fines, and Tesla had to add two new independent board members and establish a system to monitor Mr. Musk's public statements. Tesla has until the end of December to meet those requirements.
Enthusiasm for Mr. Musk's vision of the future, including electric cars that are driven alone, has helped make Tesla's market value a rival.
General engines
Co.
, even though Tesla has never made an annual profit and sells a fraction of the cars. Tesla's growth has been, in large part, driven by its continued access to capital, either through the issuance of new shares or by acquiring new debts.
As a member of the Tesla board, Ms. Denholm has provided an exceptional automotive experience to a company that prides itself on being a non-industry person. She spent seven years in
Toyota engine
Corp.
in Australia, where he was senior financial manager, before working at Sun and then joining
Juniper nets
Inc.
in 2007. She left there as director of operations and finance in 2016, and in 2017 she joined Telstra, the Australian telecommunications company.
"This is not someone who is going to sit back and not share a point of view," said David Meline, Chief Financial Officer of the American pharmaceutical company Amgen Inc., who worked with Ms. Denholm on the board of the Swiss engineering company. .
TISSUE
Limited.
"She is" someone who will undoubtedly make her point understand ".
It is rare for someone to give up a full-time position as senior executive of one company to lead the board of another, say corporate governance specialists.
"It's an opportunity to really redefine what it means to be a board chairman and a government dynamic with such a businesslike and ruthless CEO as Elon," said Jeffrey Cohn, global managing partner of DHR International, an executive search firm. "And it's possible that she knows she can not do well without being a full-time chair."
Ms. Denholm has served on Tesla's board for four years, but has less ties to Mr. Musk than most directors. The board of directors of Tesla has been criticized by some investors and defenders of a lack of independence that is perceived because most of the directors have close commercial or personal relationships with Mr. Musk.
Some investors applauded the appointment of Ms. Denholm. Tesla shares rose 0.93% to $ 351.40, more than 40% above its lowest point this year and approached the $ 387.46 level after Musk's tweet on confidentiality.
"From the current directors, she is a good choice," said Dieter Waizenegger, executive director of CtW Investment Group, which represents pension funds sponsored by unions that own Tesla shares and has criticized the Tesla government. The proof of his "independent leadership will be if he can transform the board of directors into a functional entity that can guide the CEO," he said in an email.
Gabe Hoffman, a fund manager who has a bearish bet on Tesla shares, said that Ms. Denholm is a bad choice because she is a current board member instead of a new nominated person and because she is the only member of the board. the board of directors "that is geographically located 1/2 ways around the world, with a huge difference in time zone".
-Susan Pulliam, Vanessa Fuhrmans and Dan Strumpf contributed to this article.
Write to Tim Higgins in Tim.Higgins@WSJ.com
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