Believer: Robyn Denholm, seen here at the recent CeBIT Australia business technology conference in Sydney, says she’s “a believer” in Tesla and its mission, stepping up to the full-time role after four years as an independent director.

AUSTRALIA’S Robyn Denholm, currently chief financial officer and head of strategy for Telstra, has resigned from her position to become Tesla Motors chairman in the United States.

She replaces company founder Elon Musk, 47, who remains on the board and is still chief executive officer but was forced to step down as chairman for three years – and pay a $US20 million ($A27.6m) fine – as part of a deal struck with the US Securities and Exchange Commission in September to resolve a securities fraud case.

A one-time finance manager with Toyota Australia, Ms Denholm, 55, has been an independent director on the Tesla Motors board since 2014, but her elevation to chairman has required her to quit her high-profile job at Telstra and devote her full attention to the American electric vehicle manufacturer.

Although her appointment is effective immediately, Ms Denholm must complete a six-month notice period with Telstra, which will end May 6, 2019, and the Australian telco has taken steps to ensure her new commitments “will not detract from her ability to focus on her responsibilities as the Telstra CFO” during this period.

As a result, Tesla will look to another director from its nine-member board – which includes one other woman, Johnson Publishing Co chairman and CEO Linda Johnson Rice, as well as one other Australian, businessman James Murdoch – to take on the majority of her responsibilities at the car-maker.

Details here are still unclear, with Tesla saying only that Mr Musk “will be a resource” for Ms Denholm “and provide any support that she requests in her role as chair”. She will, however, temporarily step down as chair of Tesla’s audit committee until she leaves Telstra.

Telstra chief executive Andy Penn said: “We are sorry to see Robyn leave Telstra. We know that it has become increasingly difficult to balance her responsibilities as Telstra CFO with the increased activity of the Tesla board.”

Mr Musk was required to vacate the chairman’s seat after being sued by the SEC for fraud and misleading investors when he posted on Twitter in August that he had secured funding for a company buyout at $US420 a share.

As well as agreeing to the three-year ban, Mr Musk and Tesla committed to adding two new independent directors by the end of the year – positions which are still to be filled.

In a statement this week, Mr Musk said: “Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla board member over the past four years in helping us become a profitable company.

“I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy.”

True to form, he also followed up on Twitter with: “Would like to thank Robyn for joining the team. Great respect. Very much look forward to working together.”

Elon Musk

Ms Denholm said: “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.”

As well as serving on the Tesla board, Ms Denholm also spent a year on the board of Swiss robotics, power and automation technology company ABB – a global supplier of electric vehicle fast-charging outlets – from 2016-17 and was a member of ABB’s finance and audit committee.

Ms Denholm joined Telstra in January 2017 as chief operations officer and was only last month promoted to CFO. She is credited with playing a key role in the company’s commercial agreements with NBN Co and setting the strategic direction for Telstra’s ‘Networks for the Future’ and ‘Digitisation’ programs.

She was previously executive vice-president, CFO and COO of global networking equipment and software security firm Juniper Networks, based in California over a nine-year period (2007-16) and during which time the company’s revenues more than doubled.

Prior to that, Ms Denholm worked for Sun Microsystems in both the US and Australia from 1996 to 2007, rising to senior vice-president in charge of corporate strategic planning and, separately, finance.

Her move to the global computing giant came after a seven-year stint with Toyota Australia, where in 1989 she started as finance manager (sales and marketing) and within a year rose to corporate consolidation and reporting manager – a role she fulfilled for two years before being promoted to national finance manager.

Earlier in her career, Ms Denholm also spent almost five years with Arthur Andersen and Co.

She holds a bachelor’s degree in economics from the University of Sydney and a master’s degree in commerce from the University of New South Wales, and is a Fellow of the Institute of Chartered Accountants (Australia and New Zealand).

Her bio also references her listing on the California National Diversity Council’s Top 50 Most Powerful Women in Technology, and her receipt of the Commonwealth Club Distinguished Citizen Award in 2016.

By Terry Martin