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Tesla named Robyn Denholm, currently CFO at Australian telecoms operator Telstra, as its new board chair. She takes over the board after CEO and founder Elon Musk was forced to step down from his role as chairman of the board as part of his settlement with the Securities and Exchange Commission. Tesla shares were up 2.5% following the announcement. Tesla was gaining ground Thursday morning, up 2.5%, after naming Elon Musk's board chair replacement.  The electric-car maker has chosen Robyn Denholm, currently CFO at Australian telecoms operator Telstra, as its new board chair. Tesla is still in the process of seaching for two independent directors, a spokesperson said. That must be done by December 28 as part of Tesla's settlement with the Securities and Exchange Commission. "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," CEO Elon Musk said. "I look forward to working even more closely with Robyn as we continue accelerating the advent of sustainable energy." Thursday's announcement comes after Musk was forced to step down from his role as Tesla chairman for at least three years as part of his settlement with the Securities and Exchange Commission. In August, the SEC accused Musk of making "false and misleading statements" about having secured funding to take Tesla private at $420 a share.   Tesla was up 12% this year through Wednesday.  Join the conversation about this story » NOW WATCH: This mind-melting thought experiment of Einstein's reveals how to manipulate time