Tesla names new independent chairman as part of SEC deal

2018 Model X sits on display outside a Tesla showroom in Littleton Colo. Elon Musk???s murky future as Tesla Motors??? CEO amid a securities fraud lawsuit isn???t the only cloud hanging over the electric car make

A 2018 Tesla Model X

Musk also retweeted Tesla's announcement saying he has great respect for Denholm and looks forward to working with her.

Musk did not comment about the move on Twitter, but he did laud his colleague in a company statement.

'I believe in this company.

"I believe in this company, I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", said Denholm. A complaint was filed against Musk, and he was asked to step down from the position of the chairman of the board of directors of Tesla. Musk's brother, Kimbal, is one of the members. The SEC opened up an investigation into the Tesla leader's tweets regarding an effort to turn the publicly traded company into a private one via a massive stock buyback, funding for which was ultimately not secured. "We know that it has become increasingly hard to balance her responsibilities as Telstra CFO with the increased activity of the Tesla board".

"With all the insane stuff going on, she was there", said Rohan Williamson, a finance professor who studies corporate governance at Georgetown University's McDonough School of Business. "I love being on the Tesla board as it marries numerous things I am passionate about, such as energy and technology, given my prior board position at ABB and my roles at Sun and Juniper.The exciting thing at Tesla is that it is a company that is disrupting whole industries rather than just a specific technology and it is a very fast moving environment", she said in the same interview.

"You really have got to wonder", he said. Beyond the tweet, he implied that a rescue diver in Thailand was a pedophile and waged a public battle with the stock's short-sellers-all while ramping up the company's manufacturing operations.

Denholm is now the Chair of Tesla's Audit Committee a role she will step away from until her initial 6 month notice period is complete.

There was little reaction to the appointment from the markets Thursday. The shares were up 12 per cent this year through the close Wednesday. Musk and the company also agreed to pay $40 million to settle the suit.

Denholm is no stranger to the machinations of Silicon Valley.

Prior to working at Telstra, Denholm spent seven years at Toyota in Australia, where she was a senior financial manager.

Denholm has been a Tesla board member since 2014 and has extensive experience in the finance and tech fields. Telsa has never reported an annual profit.

On Oct 24, Tesla reported a "historic" profitable quarter driven by demand for its Model 3 vehicle aimed at the mass market.

The appointment takes effect immediately.

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