Does Tesla’s new chairman manage Musk? Analyst: Hanging

According to foreign media reports, Tesla appointed a director who has been on the board for many years to replace Elon Musk as the new chairman. This can not help but cast doubt: whether the new chairman can manage this lively and fickle CEO?

Robyn Denholm, 55, will immediately perform the duties of Tesla's chairman. She has been on the Tesla board since 2014. She will resign after she is promoted to Tesla's chairman. Chief Financial Officer and Strategy Director at Telstra, Australia's largest telecommunications company.

The appointment marks the end of the Musk era. In 2004, when Musk led a $7.5 million investment in Tesla, he became chairman of the company.

Musk, 47, released a privatized Tesla tweet on Weibo's Twitter site in August this year, which caused Tesla to fall into a few months of chaos. Later, Tesla and Musk A settlement was reached with the US Securities and Exchange Commission (SEC). The SEC hopes to improve the way the board of directors governs, because the board has long been criticized for being too indulgent to Musk.

'Although De Hom is an independent director of Tesla's board of directors, she has been with the Musk team for some time. This means she will not be able to take care of her own Musk. 'Santa Clara University law professor Stephen - Stephen Diamond said, 'And the control of Musk is the original intention of SEC reconciliation.'

Tweets that caused a lot of trouble

Due to reports that Tesla may be eligible for the S&P 500 next year, the company's share price rose 2.7% in New York at 10:05 in the morning, rising to $357.58. From the beginning of this year to Wednesday's close, Tesla's share price It has risen by 12%.

According to Musk's settlement with the SEC in September this year, he had to resign as chairman to resolve the fraud charges filed by the SEC against his privatization tweet.

In addition to agreeing not to serve as chairman of the board within three years, Musk and Tesla also agreed to add two new independent directors by the end of December this year. Tesla is still actively looking for candidates.

'This is a good start.' Dieter Waizenegger, managing director of CtW Investment Group, a US union pension advisor, talks about Tesla's appointment of Dehom as an independent chairman. At the time, CtW is an active investment institution under the American trade union. It has been criticizing Tesla's corporate governance.

'Now she is responsible,' said Wyse Nigel, 'but, can she reshape the Tesla board, rebuild the relationship with CEO Musk, and then lead Tesla to continue to succeed?'

Deholm said she plans to devote herself to Tesla after resigning from her position at Telstra. Moreover, she is not prepared to accept other positions.

'I believe this company, I believe its mission. I look forward to helping the Musk and Tesla teams to achieve sustained profitability and seek long-term benefits for Tesla shareholders.' She said in a statement.

Worked at Toyota and Sun Microsystems

DeHom’s appointment is indeed a bit surprising, because she denied the possibility of her new chairman as a Australian media a month ago. It’s not clear why it’s convincing her to abandon Australia’s largest telecommunications company. Chief Financial Officer, and chose to serve as Independent Chairman of Tesla.

Previously, Deholm also worked for Toyota Motor Corporation, Sun Microsystems and Juniper Networks. She was the Chief Financial Officer and Chief Operating Officer of Juniper Networks.

'Deholm has extensive experience in the technology industry and the automotive industry. Over the past four years, she has served as a director of Tesla and has made an important contribution in helping us become a profitable company. We continue to accelerate development In the process of sustainable energy, I look forward to closer cooperation with Deholm,' Musk said in a statement.

For a long time, Tesla's board of directors has been criticized by corporate governance experts because of the lack of independence of the board, consisting of many of Musk's supporters, including Musk's younger brother, Kim Barr.

Several directors are also investors or directors of Mux's Rocket SpaceX, such as Steve Jurvetson. Due to allegations of misconduct, Yulvison has co-founded from him. The venture capital company resigned. As a director of Tesla, he has been on vacation for about a year.

People in the core circle

Frank Schwope, an analyst at NordLB Bank in Germany, said the new chairman could not influence Musk's behavior.

'She belongs to the people in the core circle of Musk, and it is impossible to hinder his decision.' Schweppe said, 'Replacing the chairman's request is only a lesson for the SEC to give Musk. And Tesla's activation belongs to Musk Deholm in the core circle can easily meet the requirements of the SEC. '