Robyn Denholm, who has been on Tesla's board since August 2014 and an existing Chief Financial Officer at Telstra, an Australian telecom Company, took over the chair on Thursday from the electric car maker's founder Elon Musk, who remains chief executive.
In order to resolve the claims of fraud brought by the US financial regulators last month, Mr Musk had to step down as Chairman of the company, BBC reported.
In one of his tweets in August, 2018 about his privatisation plan, Musk mentioned "Am considering taking Tesla private at $420. Funding secured", at a value of 72 billion dollars, which shocked his investors.
Which later transpired that he had not closed a deal with Saudi Arabia's sovereign wealth fund, with unhappy investors launching a lawsuit against him after the news. Moreover, US authorities sued him for misleading investors and he and Tesla were each fined with 20 million dollars later.
Mr Musk said "Ms Denholm 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".
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