Tesla picks Robyn Denholm as new board chair

Tesla has appointed Robyn Denholm as the new chairman of its board, where she's been an independent member since 2014, to replace Elon Musk. She will leave her job as finance chief of Telstra to focus full-time on Tesla.

Why it matters: This is a welcome change in corporate governance for Tesla investors who have become concerned about Musk's workload since he's also CEO of SpaceX. The move is part of a settlement with the SEC over Musk's tweet that he had secured funding to take the company private.