American automotive company Tesla on Thursday announced that its chief executive officer (CEO) Elon Musk will be replaced by Robyn Denholm, chief financial officer of Australia's largest telecommunications company Telstra, reported CNBC.
Denholm will join the company once she completes her six-month notice period at Telstra and will be working as Tesla chair on a full-time basis, said the report.
She will temporarily step down as Chair of Tesla's Audit Committee until she leaves Telstra, the company said.
Tesla weathered a rocky few months in the wake of Musk's tweets that he had "funding secured" for a deal, later scuttled, to take Tesla private. Musk and Tesla settled with the US SEC in September after the agency sued for fraud.
The settlement required Tesla and Musk to pay a fine of $20 million each and for Musk to give up his chairman role for three years.
(With inputs from Reuters)
First Published: IST