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

The electric car company says in a statement that Denholm will leave Telstra after a six-month notice period with Australia's biggest telecoms company. The appointment takes effect immediately: Denholm already is on Tesla's board.

Tesla says Denholm's post as board chair will be a full-time position.

Elon Musk agreed to vacate his post as board chairman as part of a settlement with U.S. 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 chairman for at least three years.

“Robyn has extensive experience in both the tech and auto industries, and she has made significant contributions as a Tesla Board member over the past four years in helping us become a profitable company,” said Elon. “I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy.”

(The Associated Press contributed to this report.)