Tesla Inc. has ended weeks of speculation by promoting one of the electric carmaker’s independent directors, Australian accountant Robyn Denholm, to replace Elon Musk as chairman.
The change in structure at the Silicon Valley firm, agreed to by Mr. Musk in a September court settlement with regulators, is supported by many on Wall Street who worry that his erratic behaviour is undermining the company’s progress.
Analysts and investors have expressed concern that it must be a strong independent figure who can rein in the billionaire's public outbursts and bring more order to Tesla.
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Ms. Denholm has been an independent director of Tesla since 2014 and heads its audit committee. She was paid $5 million, mainly in stock options, by the company last year, making her the highest remunerated of its board members.