Tesla has replaced the chairman Elon Musk with Robyn Denholm – a board member of the electric firm. Her expertise in tech and finance has made it easier for Tesla to pick her over Denholm, Murdoch, who is also a board member of Tesla.
The decision was made because Securities and Exchange Commission (SEC) forced Musk to step down for his ill reputed “funding secured’ tweet. Along with giving resignation from his post, the court also fined Musk and Tesla $20 million each.
Talking about Robyn Denholm, she remained CFO of Juniper for 9 years and worked as CFO and head of strategy of Telstra as well.
“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,” Denholm stated.
Interestingly, Tesla has recently posted a net profit of $312 for the third quarter of this year, which is the third time Tesla ever posted a profit. This can be attributed to the production of a large number of cars i.e. around 70,000 in the 3rd quarter. Tesla has also made a decision to open a plant in China.
As Tesla is working on its Model 3, which is still available in the U.S and Canada only, other automakers are producing high-volume electric cars that will give this affordable Tesla car a tough competition.