Tesla's brand appeal is largely due to Iron Man himself – dare to dare to do it, but also dare to speak. At the same time, because Tesla's board of directors and Musk's relationship is too close and lack of independence, Musk has long been effective, and it has been criticized by many Wall Street critic.
Just, often there are non-wet shoes on the river. Twitter "Big V" finally got a lawsuit because of the privatization of the "privatization" news. Today, Musk has to abdicate, and the new chairman is able to determine the candidate after a month of searching - independent director Robyn Denholm, an iron lady, will assume responsibility for protecting the interests of most minority shareholders.
The story of "incumbent" and "predecessor" was staged on Musk - no one would doubt Musk's enthusiasm for the electric car business, but someone needs to check his will in the capital market.
Wednesday night, US time,Tesla's board of directors nominated independent director Robyn Denholm as chairman, the appointment took effect immediately, and Musk continued to serve as Tesla CEO.Tesla's official website and Twitter immediately issued a statement: Tesla's board of directors appointed independent director Robyn Denholm as chairman, the appointment will take effect immediately.
Robyn Denholm said, "I believe this company, I also believe in its mission, I look forward to helping Musk and Tesla team to achieve sustained profitability and promote the long-term interests of shareholders."
“Robyn has a wealth of technology andAutomobile industryexperience. In the past four years, she has made a huge contribution to the company's profitability as a member of Tesla's board of directors. Musk said, "I look forward to working more closely with Robyn and we will continue to promote sustainable energy development." ”
As Tesla's first female chairman, Robyn Denholm joined Tesla's board of directors in 2014. He was the head of Toyota's finances and the only Tesla board member with executive experience in other large automotive groups.
After Musk’s “privatization” farce, the Iron Maiden, who is independent of Musk, is considered the best person to defend the interests of Tesla’s minority shareholders.
Robyn Denholm holds a BA in Economics from the University of Sydney and a Masters in Business from the University of New South Wales. He is also a member of the Institute of Chartered Accountants in Australia. She has held senior management positions in technology companies such as Australia and Silicon Valley, including Telstra and Juniper Newwork (Juniper Networks), Sun Microsystems (has beenOracleAcquisition), Toyota, etc.
During his nine years at Juniper Newwork, Robyn promoted Juniper's significant revenue growth and served as Juniper's chief financial officer and chief operating officer. Earlier, Robyn was responsible for financial matters at Toyota Australia.
Currently, Robyn Denholm is the chief operating officer of Telstra, the Australian telecommunications company, and an independent director of Tesla. According to Tesla's official statement, Tesla's new board chairman will leave Telstra after the six-month notice period.
The appointment was considered part of Musk and Tesla's settlement with the US Securities and Exchange Commission (SEC).
Previously, Musk was atTwitterIt announced that “privatization funds have been put in place” but finally abandoned privatization and was sued by the US Securities and Exchange Commission, alleging that it was suspected of securities fraud and misleading investors. According to the SEC, “In fact, Musk did not even discuss with any potential source of funds, and was more uncertain about the key terms of the transaction, including the purchase price.”
On September 30 this year, the US Securities and Exchange Commission fined Tesla and Masmy for $20 million to settle the "privatization" fraud allegations, and asked Musk to resign as Tesla's chairman within 45 days, within three years. Do not hold this position.
In addition, the SEC also requested Tesla to establish a standing committee to monitor the implementation of relevant penalties and Musk's Twitter update. To this end, Tesla must hire a securities attorney to review the news that Tesla executives posted on social media.
After the allegations were issued, Tesla’s new chairmanship became the focus of attention. According to the SEC's settlement agreement, the importance of Musk's role in Tesla will decline in the future, such as the possibility of becoming a development strategy planner or a full-time responsibility for engineering technology.
Automobile industryAnalystMichelle Krebs said that Tesla and Musk are closely related. If Musk is lost, the outside world will question whether the Tesla brand will remain attractive and whether it will still get a diehard.
Ian Beavis, a car industry consultant, said that Musk had created Apple for Tesla. However, Jobs trained Cook as a successor, but Musk did not have a successor to take charge of the management team.
In fact, the outside world has long heard that Tesla should appoint a “second-hand”, chief operating officer, who should have manufacturing or financial experience to help improve the production of Model 3. But Musk refused to appoint a second-in-command. In addition, the frequent departure of Tesla executives has also led to continued instability at the leadership level.
US investmentbankCowen's analyst Jeffrey Osborne is atresearch reportChina said that considering Tesla's current financial situation, production problems, and logistics and shipping problems, the board needs an experienced automotive industry executive to serve as chairman.
Before Musk agreed to step down, foreign media electrek listed several successors, they are Tesla CTO Straubel, automotive business president Jerome Guillen and chief financial officer Di Deepak Ahuja.
But in fact, in the settlement agreement between Musk and the SEC, one of the important points is:The chairmanship is replaced by an independent chairman.
The so-called independent director system refers to a director who is independent of the company's shareholders and does not serve in the company, and has no important business or professional contact with the company or company management, and makes independent judgments on the company's affairs. The interests of shareholders.
The main feature of independent directors is that they do not hold other positions in the company. Therefore, the three candidates previously analyzed by foreign media did not have the authority to serve as independent chairman.
At present, most of Tesla's board members are Muske's lineage:
Kimbal Musk is the younger brother of Musk, Brad W. Buss is the SolarCity department, Antonio Gracias, Stephen Jurvetson, Ira Ehrenpreis is the SpaceX department.
Some of the directors on the surface are independent of Tesla, but have a greater interest in Musk. The truly completely independent directors are Murdoch, Ebony Media CEO Rice and Telstra COO Robyn.
The California State Teacher Retirement Fund and four other investors have publicly stated that most members of Tesla's board of directors are too close to Musk, the company's largest shareholder, to protect the interests of minority shareholders. If the board of directors of Musk's “Deaf” is appointed as the independent chairman in the future, it is obviously subject to great shareholder pressure and public opinion risk.
Therefore, Murdoch, Rice and Robyn have become important candidates for the new independent chairman. In addition, the settlement agreement also mentioned that Tesla will add two independent directors in the future. According to Bloomberg News, Tesla's nine-member board is still mainly composed of people who are loyal to Musk (five of the eight current non-executive directors have professional or personal relationships with Mr. Musk).
At present, the lawsuits of Musk and the SEC are nearing completion, and then he is also facing a criminal investigation by the US Department of Justice. According to estimates by financial technology and analytics firm S3 Partners, Musk's August 7th only a "privatization" of Twitter has allowed investors to spend $1.3 billion to buy Tesla stock.
CNBC cites securities attorneys to say that if federal investigators find that Musk deliberately deceives investors, he may face criminal charges and may be jailed.
However, Tesla's recent good news is enough to make Musk a lot of comfort.
Tesla has made a breakthrough in the most critical capacity: a total of 835 million vehicles were delivered in the third quarter, 50% higher than the record high in the second quarter of 2018, exceeding Wall Street analysts' expectations.
On October 25th, Tesla released the third quarterly report, which disclosed the largest quarterly profit in history: the company's revenue reached 6.824 billion US dollars, up 128.6% year-on-year, higher than analysts' expectations of 6.31 billion US dollars; net profit attributable to ordinary shareholders It was $312 million, compared to a net loss attributable to common stockholders of $619 million in the same period last year. After adjustment, net profit was $516 million, exceeding analysts' expectations.
The stock price then reversed the previous period of decline and regained the gains. As of the previous trading day, Tesla fell 2.08% to close at 348.16 US dollars per share, after falling more than 25%.
Although Musk’s waywardness and the means of trading capital are not desirable, it is undeniable that this Iron Man’s attitude towards Tesla and the electric car industry is full of dedication. Probably outside of Musk, it is difficult to see the CEO of the electric car company sleeping on the floor.
It is foreseeable that after Robny Denholm takes over as chairman of the board of directors, he will share some of the company's operations for Musk, but the dual roles of the CEO and the chairman of the board have always been full of instability and interest.This is the game between management and the board of directors, and the game between Musk and Wall Street.
The following is the full text of the chairman's statement by the appointed director of Tesla's official website, Robyn Denholm:
The Tesla Board of Directors is pleased to announce that Robyn Denholm has been appointed Chairman of the Tesla Board of Directors and will take effect immediately. In order for her to fully engage in the role of President Tesla, once her six-month notice period at Tesla ends, Robyn will leave her role as CFO and strategic director of Telstra, Australia's largest telecommunications company. Robyn will serve as Chairman of Tesla full time.
To ensure a smooth transition in Robyn's remaining time in Telstra, Elon will give Robyn a wealth of resources and provide any support she requested during her chairmanship. Robyn will continue to devote the necessary time and energy to her remaining time in Telstra, and she will temporarily step down as chairman of the Tesla Audit Committee until she leaves Telstra.
Robyn Denholm has served as an independent director of the Tesla Board of Directors since 2014 and is currently the CFO and Strategy Director for Telstra, Australia's largest telecommunications company. Robyn Denholm has held leadership positions in a number of technology companies in Australia and Silicon Valley, including Telstra, Juniper Networks and Sun Microsystems. During her nine-year tenure as Juniper Networks CFO & COO, she led the team to significantly increase Juniper's revenue.
In addition, she has experience in financial management in the automotive industry. "I believe this company, I also believe in his mission, I look forward to helping Elon and the Tesla team to achieve sustained profitability and promote the long-term interests of shareholders," Robyn said. Musk said: "Robyn has a lot of experience in the technology and automotive industry. In the past four years, she has made great contributions to the company's profitability as a member of Tesla's board of directors. I look forward to working more closely with Robyn, we will continue Promote the development of sustainable energy."
(Article source: machine power)