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Musk stepped down as chairman of Tesla! This new female chairman has a lot to come.

November 08, 2018 21:40
edit:Eastern Fortune Network

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Summary
[Muske resigns as chairman of Tesla! The new female chairman has a big head. On November 8, Tesla officially announced that Robyn Denholm will replace Musk as the new chairman of Tesla. Musk sent a tweet, thanking Robyn for joining the team and looking forward to working together.


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The successor of Musk was finally settled!

  On November 8, Tesla officially announced that Robyn Denholm will replace Musk as the new chairman of Tesla. Musk sent a tweet, thanking Robyn for joining the team and looking forward to working together.

Due to the SEC investigation on the release of Tesla privatization news on Twitter in August, Musk’s settlement agreement with the SEC has been approved by the US court, but he will be in addition to the $20 million fine. It is not possible to assume the position of Chairman Tesla during the year, but allows him to retain the position of CEO.

Musk" praised Robyn:Full of respect, look forward to cooperation

In the company statement, Musk said Robyn has extensive experience in the technology and automotive industries. Over the past four years, she has made significant contributions to helping the company's profitability as a member of Tesla's board of directors.

According to relevant information, Robyn Denholm joined Tesla in November 2014 as an independent director of the board of directors and is the chief operating officer and chief financial officer of Telstra. She will then resign from the above position and serve full-time as chairman of Tesla.

Robyn holds a BA in Economics from the University of Sydney and a Masters in Business from the University of New South Wales. After 18 months as the chief operating officer of Telstra, she became the chief financial officer and strategic director of Telstra on October 1, 2018.

Among the many candidates, Robyn has always been regarded as the best candidate. Before Tesla elected the new chairman, CTW Investment Group publicly stated that five of Tesla's eight current non-executive directors have professional or personal relationships with Musk, and if they are new directors, they will still be subject to The influence of Musk, the agency believes that the new chairman should choose from Robyn Denholm, Linda Rica and Murdoch.

It is worth noting that Robyn has worked in Toyota for seven years and left the former Toyota Finance Director. He is the only Tesla executive with experience in other large automotive groups.

“I believe this company, I believe in its mission, and I look forward to helping the Musk and Tesla teams achieve sustainable profitability,” Robyn said in a company statement.

"privatization" farce led to Musk "departure"

This Tesla selection of the new chairman is derived from the settlement agreement between Musk and the US Securities and Exchange Commission (SEC).

On August 7, Muskke tweeted that there was already a “guarantee” of funds and planned to privatize Tesla for $420 per share. The news was released during the normal trading hours of the US stock market, and the privatization price of $420 per share was more than 20% higher than the current share price. As soon as the tweet came out, Tesla's share price soared, and Tesla's share price rose 11% on the day.

However, 17 days later, Musk issued an open letter on the official website of Tesla on August 24, saying that Tesla will abandon privatization, saying that investors think Tesla is "better as a listed company."

On September 27, the US Securities and Exchange Commission (SEC) said it would sue Tesla CEO Musk, accusing him of alleged securities fraud. In the potential transaction of Tesla's privatization, Musk made "a series of false and Misleading expression."

However, the two sides quickly agreed to reach a settlement agreement. As part of a settlement with the SEC, Musk agreed not to serve as chairman of Tesla for three years, but Musk is still the company's CEO. In addition, Musk and Tesla will pay a fine of 20 million US dollars respectively, and will add two new independent directors by the end of December this year.

Tesla's growth prospects are unprecedented

It is worth noting that after Tesla announced the most profitable quarterly earnings in the company's history, the stock price began to rise recently.

After the US stock market on October 24, Tesla announced the third quarter earnings report, its revenue, profit, free cash flow and Model 3interest rateWhen the data exceeded expectations, the stock price rose by 12.6%. As of November 7th, local time in the United States, Tesla shares have risen 11.82% this year.

Tesla's third quarterly report shows that revenue in the third quarter of 2018 was $6.82 billion, higher thanAnalystThe expected US$6.31 billion was up 128% year-on-year. The adjusted EPS was $2.90 per share, far exceeding analysts' expectations for a loss of $0.15 per share, compared to a loss of $3.7 per share for the same period last year.

The agency expects that Robyn's appointment will add a "weight" to Tesla's earnings growth. Previously, due to the continuous negative events such as Musk's live marijuana and suspected securities fraud, Tesla's share price continued to fall, and Wall Street continued to worry about the company. Many investors have also said, “I hope that Musk will give up his non-traditional style and turn to his vision.” This means that the market wants Musk to focus on products, and Tesla’s business operations require more professional managers. people.

On November 8, shortly after the appointment of Tesla's chairman, Macquarie said that Tesla may be eligible to be included in the S&P 500 next year.

(Article source: China Securities Journal)

                (Editor: DF075)

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