Robyn Denholm to replace Elon Musk as Tesla chair

A Tesla Inc. Model S electric vehicle is displayed at the company's showroom in Newport Beach California U.S. on Friday

Under that settlement he and Tesla each had to pay a $20 million fine but Musk was allowed to stay on as CEO.

Denholm will leave her role as CFO and head of strategy of Telstra once her six-month notice period with the company is complete, Tesla said late on Wednesday.

Denholm is now chief financial officer at Australian telecoms operator Telstra Corp Ltd and has been an independent director on Tesla's board since 2014.

As part of Musk's settlement with the SEC, Tesla also is supposed to monitor Twitter posts that he makes if they have to do with company news.

Tesla has endured a hard few months, following comments Mr Musk made on social media in early August suggesting he had "funding secured" for a deal to take Tesla private.

The spokeswoman added that Tesla was actively looking for two additional independent directors.

The tweets sent shares in Tesla soaring to a high of $387.46 a share on August 7.

The tweet was one of a number of public statements by Musk that raised questions in the industry about his aptness to lead the company.

Tesla has named Robyn Denholm as its new chairman, replacing Chief Executive Elon Musk as the head of the board.

"To ensure a smooth transition during the remainder of Robyn's time at Telstra, Elon will be a resource to Robyn and provide any support that she requests in her role as chair", the statement from the electric car-maker said. She will temporarily step down as chair of Tesla's audit committee until she leaves Telstra, the company said.

She has been on the Tesla board as an independent director since 2014 and previously worked at Juniper Networks, Sun Microsystems and Toyota.

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

Investors had also called for stronger oversight of Mr Musk after his erratic behaviour attracted attention.

Musk smoked pot while appearing on The Joe Rogan Experience in September and called the SEC the "Shortseller Enrichment Commission" in an October tweet, after their settlement.

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