(HONG KONG) JUST IN: Robyn Denholm, the chief financial officer of Australian telecommunications company Telstra, is replacing Elon Musk as head of Tesla’s board according to a statement #AceFinanceDesk reports

#AceFinanceNews – Nov.08: Tesla has chosen a new leader for its board of directors after Elon Musk was forced to step down: The electric car company said late Wednesday that Musk will be succeeded by Robyn Denholm, the chief financial officer of Australian telecommunications company Telstra: Denholm, who is already a member of Tesla’s (TSLA) board, will begin working at the company full time after her six-month notice period with Telstra is over:To ensure a smooth transition during the remainder of Robyn’s time at Telstra (TLSYY) Elon will be a resource to Robyn and provide any support that she requests in her role as chair,” Tesla said in a statement: Musk agreed to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought by the Securities and Exchange Commission earlier this year. He remains CEO of the company he founded #AceFinanceDesk reports

Robyn Denholm has been an independent director at Tesla since 2014.

Tesla also agreed to appoint two new independent directors to its board and establish a committee to oversee Musk’s communications: The settlement was in response to the SEC’s lawsuit against Musk. The regulator claimed Musk misled investors when he tweeted that he had secured funding to take Tesla private at $420 a share, causing the company’s stock to soar. He hadn’t secured the funding, the SEC said.

Under the settlement, Musk can’t seek reelection as chairman for three years, though he is permitted to remain a board member: The appointment of Denholm, an executive with deep experience in corporate finance, comes as Tesla faces intense pressure to fix its balance sheet. Analysts want to see Tesla become consistently profitable, instead of posting sporadic profits every few years.

As head of Tesla’s audit committee since 2014, Denholm has had to deal with Tesla’s rocky finances for years, but as chair of the board, she’ll have more clout………..In a statement, she said she believes in Tesla’s mission and looks forward “to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value.”

Denholm was promoted to chief financial officer at Telstra just last month: She first joined the Australian telecoms company as chief operating officer in January 2017. During her time in that role, she was part of a team that oversaw a dramatic cost cutting program that included shedding 8,000 jobs…………….Prior to Telstra, she served as a non-executive director and member of the finance and audit committee for Swiss conglomerateABB (ABB).She made her mark in Silicon Valley as vice president and chief financial officer with Juniper Networks (JNPR), a networking equipment and software security company, where she worked for nearly a decade. She also previously worked with Sun Microsystems, the computer and software company now owned by Oracle (ORCL) Denholm also has experience in the car industry, having worked as Australia finance manager for Toyota (TM) for seven years.

Source: CNNBusiness.Com/ Published: November.08: Joe Sutton contributed to this report

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(BEIJING) JUST IN: China will give El Salvador $150 million to spur development of social and technological projects, the Salvadoran president said on Wednesday, the latest sign of deepening ties between the countries that has alarmed the United States #AceFinanceDesk reports

#AceFinanceNews – Nov.08: Salvadoran President Salvador Sanchez Ceren is returning from his first trip to China since the countries established diplomatic ties in August. Speaking on local television, Ceren said he met with Chinese President Xi Jinping during the visit and agreed to 13 joint projects, without providing details #AceFinanceDesk reports

The donation marks China’s latest gambit to make inroads in Central America, a campaign that has drawn the ire of the United States: Earlier this year, El Salvador cut diplomatic ties with Taiwan in favor of China, following the Dominican Republic and Panama. The United States promptly recalled its ambassadors in the region.

“This historic meeting between the governments of the People’s Republic of China and the Republic of El Salvador has produced excellent results,” Ceren said. “This confirms that the establishment of diplomatic relations with China is my government’s most important decision in foreign policy.”

Speaking in Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying said the two countries had agreed to a series of cooperation projects, including in infrastructure and education, when the two presidents met in China last week: “The friendly cooperation between China and El Salvador is developing smoothly and rapidly,” Hua told a daily news briefing………………“China is willing to provide what help it can for El Salvador’s economic and social development. The relevant help will be focused on people’s pressing welfare needs in El Salvador,” she added.

The date when the funds will be received has not been set, a spokesman for the Salvadoran government said: China will also donate three thousand tons of rice to support Salvadorans who are reeling from a drought in July and floods in October, Ceren said.

The White House warned in August that China was luring countries with incentives that “facilitate economic dependence and domination, not partnership.”Self-ruled Taiwan has formal relations with a dwindling number of countries, almost all of them small and less developed nations in Central America and the Pacific.

Source: Reuters.Com/ Published: November.08: 2018: Reporting by Nelson Renteria; Additional reporting by Ben Blanchard in Beijing; Writing by Julia Love; Editing by Darren Schuettler

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