Tesla appoints Robyn Denholm as chair to replace Elon Musk

Tesla CEO Elon Musk

Since January 2017, she has also been chief financial officer of Australian telecoms firm Telstra.

The appointment takes effect immediately: Denholm already is on Tesla's board.

Last month Tesla and Musk were both fined $20 million over the tweets in which he claimed he was taking the company private at $420 a share, which the SEC alleges was a number chosen as a joke with his singer girlfriend, Grimes, who introduced him to marijuana.

Mr Musk agreed to give up the chairmanship last month to resolve claims of fraud brought by USA financial regulators.

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.

That deal required Musk to step aside as head of the board for three years in favor of an independent chairman.

The move scotches reports that James Murdoch might have been appointed to the job.

That alluded to shortsellers, investors who have bet that Tesla shares will fall and who are frequently the subject of Musk´s derision.

The 55-year-old Australian will temporarily step down as chair of Tesla's audit committee until she quits Telstra. The mid-priced Tesla Model 3 was the fifth bestselling passenger auto in America, according to the industry analyst Edmunds.

Bye, Musk. Tesla just announced a new chair to its board.

"I believe in its mission and I look forward to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value", Denholm said in a statement.

Ms Denholm will leave her role as CFO and head of strategy at Telstra once her six-month notice period with the company is complete, Tesla said in a statement.

Denholm has been on the Tesla board as an independent director since 2014 and has had senior roles at other Silicon Valley technology companies including Juniper Networks, where she was chief financial officer, and Sun Microsystems, as well as Japanese carmaker Toyota.

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