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Tesla had until November 13 to appoint an independent chairman of the board as part of the settlement with the US Securities and Exchange Commission, claiming that Musk's tweets on privatization of the company were fraudulent and that the billionaire could retain his role as CEO, but that he should leave as chairman.
Musk said in August that he was planning to give Tesla a share of 420 dollars a share and that he had secured funds for an agreement that was later canceled, but that sparked the The attention of several government agencies.
The appointment of Denholm put an end to months of turmoil for the company and its shares. Investors have called for increased scrutiny of Musk, whose recent erratic public behavior has raised concerns about his ability to lead the company into a turbulent growth phase.
Denholm is currently chief financial officer at the Australian telecommunications operator Telstra Corp Ltd and has been an independent director of the Tesla Board of Directors since 2014.
Denholm will step down as Telstra's chief financial officer and strategy director at the end of the six-month notice period she has spent with the company, Tesla said last Wednesday. She was appointed CFO of Telstra in July.
Tesla stated that Denholm would badume the duties of full-time president and that she would temporarily leave the position of chairman of the audit committee of the company until she leaves Telstra.
The automaker calmed some critics last month after announcing net profit, positive cash flow and wider than expected margins in the third quarter, following Musk's promise to make the company profitable .
A Tesla spokeswoman said Denholm would receive an annual cash retainer of $ 300,000 and 8,000 stock options each year.
The spokeswoman also said that Tesla was actively seeking two other independent directors.
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