Mubasher: Electric car giant Tesla announced that it has named Australian telecoms company Telstra’s chief financial officer (CFO) Robyn Denholm as its new chair, replacing Elon Musk.

Denholm will serve as Tesla's chair on a full-time basis and leave her position as CFO and strategy head of Telstra once her six-month notice period with the Australian operator ends, the carmaker said late Wednesday.

Moreover, she would temporarily step down as chair of Tesla’s Audit Committee, until she resigns from Telstra.

Tesla has been going through a rocky few months after Musk tweeted that he would take the company private, saying that “funding was secured” for the process.

Later on, he scuttled the proposal, leading the US Securities and Exchange Commission (SEC) to sue him for fraud.

Musk and Tesla agreed to a settlement with the SEC last September, requiring them to pay a fine of $20 million each and the tech mogul to step down as chairman for three years.