Elon Musk will be succeeded as Tesla’s CEO by Robyn Denholm, the chief financial officer of Australian telecommunications company Telstra, the electric car company announced on Wednesday.
"Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company," said Elon. Denholm is already a member of Tesla's (TLSA) board and will begin working at the company full time after her six-month notice period with Telstra is over. "To ensure a smooth transition during the remainder of Robyn's time at Telstra , Elon will be a resource to Robyn and provide any support that she requests in her role as chair," Tesla explained in a statement. Under the settlement which was previously agreed with Securities and Exchange Commission earlier this year, Musk can't seek reelection as chairman for three years, though he is permitted to remain a board member.
Denholm said in a statement she believes in Tesla's mission and looks forward "to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value." She also served as a non-executive director and member of the finance and audit committee for Swiss conglomerate ABB and worked as Australia finance manager for Toyota for seven years. In the third quarter of 2018 Tesla reported about $6.8 billion in revenue and $312 million in profit for the period. It generated nearly $190 million in revenue from sales of regulatory credits.