Elon Musk replaced as Tesla chair

Tesla CEO Elon Musk

Tesla CEO Elon Musk

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Tesla has appointed Robyn Denholm as its chairwoman after Elon Musk was forced to stand down in a boardroom shake-up at the electric carmaker.

Tesla has weathered a rocky few months in the wake of Mr Musk's tweets that he had "funding secured" for a deal, later scuttled, to take Tesla private.

USA authorities sued the entrepreneur for misleading investors and he and Tesla were each fined $20m.

Musk will help ease the new board director´s transition, Tesla said.

Denholm will leave her role as CFO and head of strategy of Telstra once her six-month notice period with the company is complete, Tesla said late on Wednesday.

Denholm has served on the Tesla Board as an independent director since 2014.

Two days after the lawsuit, Musk reached a settlement with the commission, agreeing to a personal fine of $20 million, a separate $20 million fine by Tesla and his resignation as chair.

Tesla has announced that Robyn Denholm of Australia's Telstra will become its new board chair.

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

She will also be leaving her role as CFO and Head of Strategy at Telstra.

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Aside from her work at Telstra, she has also spent time at technology majors including Juniper Networks and Sun Microsystems.

Robyn Denholm takes over the role from founder Elon Musk, who will remain as Tesla's chief executive. Its stock has fluctuated, and many investors have called for the company to exercise more oversight over its CEO, who has received media attention for his unconventional ways.

The tweet was one of a number of public statements by Musk that raised questions in the industry about his aptness to lead the company.

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