On Wednesday night, Tesla announced Robyn Denholm will take Elon Musk's place as chair of the company's board.
She is leaving her role as CFO and Head of Strategy at Telstra, Australia's largest telecommunications company, once her six-month notice period with Telstra is complete, and working as Tesla chair on a full-time basis, the company said in a statement.
The change was mandated as part of a settlement between the SEC and Tesla, after Musk's now infamous take-private tweets in August, which sent shares soaring to an intraday high of $387.46 a share on Aug. 7.
Tesla's stock, which closed at $348.16 a share Wednesday, had tumbled by more 25 percent, but began to rise recently after the company reported its largest quarterly profit in the company's history.
In the third quarter of 2018 Tesla reported about $6.8 billion in revenue and $312 million in profit for the period.
The electric vehicle maker delivered 83,500 cars during the third quarter, beating Wall Street analysts' expectations. It had been struggling to ramp up production of its batteries and Model 3 electric sedans, but more recently began to resolve some of its manufacturing challenges.
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