Robyn Denholm

American automotive and energy company Tesla has named Robyn Denholm as its new chairman after Elon Musk was forced to resign.

Denholm, the finance chief of Australian telecoms firm Telstra, takes over from the electric car maker’s founder, who remains chief executive.

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Musk agreed to step down as chair last month to resolve claims of fraud brought by US financial regulators.

The settlement requires Tesla to install an independent chairman, among other penalties.

The announcement dismissed reports that James Murdoch was the frontrunner for the job.

Tesla has endured a difficult few months, following comments Musk made on social media in early August suggesting he had “funding secured” for a deal to take Tesla private.

Its shares soared following his comments but weeks later, Musk backed away from the plan, blaming feedback from shareholders.