CCTV Transcripts

CCTV Script 09/11/18

— This is the script of CNBC's news report for China's CCTV on November 9, 2018, Friday.

For Wall Street, Dunham's appointment is seen as good news and many industry analysts believe she may be the best current chairman for TESLA. Let's look at her resume first

Dunham has extensive experience in the technology and automotive industries, which fits well with TESLA'S business. Dunham became an independent director of TESLA in 2014, but was formerly head of finance at Toyota and is the only senior executive on TESLA'S board with experience in other big car groups. Dunham was the chief financial officer and head of strategy at Telstra, Australia's largest telecoms company, after she takes over as Tesla's chairman, she will step down from her role at Telstra and devote herself fully to Tesla's work.

The Wall Street holds a positive view to her appointment. In the overnight U.S. stock market, Tesla ended up 0.93 percent against the NASDAQ composite's decline and a broader drop in technology stocks, after rising as much as 2.7 percent. Apart from her experience, more important is she will bring some balance to the Tesla board.

Five of the eight current non-executive directors on Tesla's board have business or personal relationships with Musk, including Musk's younger brother, Kimble Musk, who has often been criticized for his lack of independence. James Murdoch, the chief executive of 21st Century Fox, was previously reported to be a possible chairman, but his has been questioned because of lack of management experience in the auto industry

So it looks that Dunham's appointment will satisfy both the market and Musk and bring some balance. At the same time Tesla is still operating under Musk's main leadership and influence. And Musk will not be eligible to become chairman for at least the next three years. So what can the new chairman bring to Tesla? We will wait and see.