Tesla says Robyn Denholm of Australia's Telstra has been appointed as chair of its board, replacing company co-founder Elon Musk.

According to an announcement shared by Tesla, Denholm will serve as the board chairperson on a full-time basis.

It added that she would leave her position as the CFO and Head of Strategy at Telstra, Australia’s largest telecommunications company once her six-month notice period there was over.

“I believe in this company, 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,” it quoted her saying.

Musk had agreed to vacate his post as board chairperson as part of a settlement with US regulators of a lawsuit alleging he duped investors with misleading statements about a proposed buyout of the company.

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.