Tesla Inc (TSLA.O) said board member Robyn Denholm will replace Elon Musk as its chair, more than a month after the billionaire had to step down as the electric-car maker’s chairman as part of a settlement with U.S. regulators.
Tesla had until Nov. 13 to name an independent board chairman under the settlement with the U.S. Securities and Exchange Commission, which said Musk’s tweets about taking the company private were fraudulent and that the billionaire could retain his role as CEO but should quit as chairman.
Musk said in August he was considering taking Tesla private in a $420 a share and that he had secured funding for a deal that was later scuttled but attracted scrutiny from several government agencies.
The appointment of Denholm caps months of turbulence for the company and its stock and investors called for stronger oversight of Musk, whose recent erratic public behavior raised concerns about his ability to steer the company through a rocky phase of growth.
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