Elon Musk has a new boss at Tesla

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(CNN) — Tesla has chosen a new leader for its board of directors after Elon Musk was forced to step down.

The electric car company said late Wednesday that Musk will be succeeded by Robyn Denholm, the chief financial officer of Australian telecommunications company Telstra.

Denholm, who is already a member of Tesla's (TLSA) board, will begin working at the company full time after her six-month notice period with Telstra is over.

"To ensure a smooth transition during the remainder of Robyn's time at Telstra (TLSYY), Elon will be a resource to Robyn and provide any support that she requests in her role as chair," Tesla said in a statement.

Musk agreed to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought by the Securities and Exchange Commission earlier this year. He remains CEO of the company he founded.

The company also agreed to appoint two new independent directors to its board and establish a committee to oversee Musk's communications.

The settlement was in response to the SEC's lawsuit against Musk. The regulator claimed Musk misled investors when he tweeted that he had secured funding to take Tesla private at $420 a share, causing the company's stock to soar. He hadn't secured the funding, the SEC said.

Under the settlement, Musk can't seek reelection as chairman for three years, though he is permitted to remain a board member.

Denholm has served as an independent director and chair of Tesla's audit committee since 2014.

In a statement, she said she believes in Tesla's mission and looks forward "to helping Elon and the Tesla team achieve sustainable profitability and drive long-term shareholder value."

This story was first published on CNN.com, "Elon Musk has a new boss at Tesla"