Telstra to lose CFO as Robyn Denholm moves to replace Elon Musk as Tesla chairman

Tesla has named Telstra CFO Robyn Denholm as its new chairman, replacing chief executive Elon Musk.

Robyn Denholm will stay with Telstra for another six months, juggling both roles until May next year. Britta Campion/The Australian

Telstra is on lookout for a new chief financial officer, with recent appointment Robyn Denholm leaving the telco to take Elon Musk’s spot at Tesla.

Ms Denholm, who has been on Tesla’s board since 2014, will take charge at Tesla immediately but will stay with Telstra (TLS) for another six months, juggling both roles until May next year.

Her appointment as Tesla chair comes after the US Securities and Exchange Commission forced Mr Musk to relinquish his position. The US regulator also extracted a $US20 million ($28m) fine from Mr Musk and a separate $US20m penalty from Tesla, as well as a commitment from the automaker to add two independent directors to its board and take steps to monitor Mr Musk’s communications with investors.

The appointment also puts an end to Ms Denholm’s short stint as Telstra’s chief financial officer, having replaced her predecessor Warwick Bray in July.

Her demanding roles in both companies has long been subject to market conjecture, and Telstra boss Andrew Penn conceded on Thursday that juggling both jobs had become difficult for Ms Denholm.

“We know that it has become increasingly difficult to balance her responsibilities as Telstra CFO with the increased activity of the Tesla Board,” he said.

Tesla will get another board member to assist Ms Denholm for the next six months as she completes her stint at Telstra, taking on the majority of her chairman responsibilities.

Ms Denholm said that she was fully committed to realising Mr Musk’s vision at Tesla.

“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,” she said in a release.

Meanwhile, Mr Musk said that Ms Denholm’s experience in the tech and automotive sector will be an invaluable asset for the company.

“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.”

For Telstra, Ms Denholm’s departure creates another gap in its senior executive team, which has already undergone a significant overhaul.

“We are undertaking a search for a new Chief Financial Officer and will provide an update on a replacement appointment as soon as possible,” Mr Penn said.