Tesla said Denholm will be serving as Tesla chair on a full-time basis. Tesla says that in order to ensure a smooth transition during that time, "Elon Musk will be a resource to Robyn and provide any support that she requests in her role as chair".
The announcement comes ahead of a November 13 deadline that was part of Musk's settlement with the U.S. Securities and Exchange Commission to end claims he misled investors.
The settlement in late September with the Securities and Exchange Commission allowed Musk to remain CEO of Tesla but required him to relinquish his role as chairperson for at least three years.
Electric vehicle company Tesla has appointed an executive at Australian company Telstra to chair its board. Musk was required to pay the commision 20 million dollars which Tesla also accepted a 20 million dollar fine.
Tesla has announced a new chair of its board of directors: Robyn Denholm.
But Tesla's stock had tumbled by more than 25 per cent before recovering the $7billion loss the SEC lawsuit incurred. Musk's brother, Kimbal, is one of the members.
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Denholm is now the Chair of Tesla's Audit Committee a role she will step away from until her initial 6 month notice period is complete.
Before moving to Telstra, she worked for Silicon Valley firms Sun Microsystems and Juniper Networks as well as consultants Arthur Anderson and Toyota. It was only the third time that Tesla has posted a quarterly profit in its eight-year history as a public company and the first time in two years.
A big jump in Tesla's output of its mass-market Model 3 auto powered the breakthrough. But his impulsive streak caused him trouble when he tweeted in August that he had "funding secured" for taking Tesla private.
The appointment of Denholm caps months of turbulence for Tesla amid investor demands for stronger oversight.
That drew attention from the SEC because the tweet pushed up Tesla's stock price and harmed short-sellers who bet that the share price would fall.
As part of Musk's settlement with the SEC, Tesla also has to monitor his Twitter posts if they relate to the firm.