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Tesla has named Robyn Denholm as its new chairman, replacing company founder Elon Musk, who had to resign from the position following SEC charges for fraud. Musk, who will remain as Tesla’s CEO, was sued in September for claims of misleading investors after posting a Tweet about taking the company private.

/READ MORE // Tesla’s Staying Public. Now The Stakes Are Even Higher.

The new chairman announcement was made on Wednesday night, ahead of a November 13 deadline as part of Tesla’s settlement with the SEC, which required Musk to resign as head of the board for three years. Denholm will be leaving her current role as Chief Financial Officer of Australian telecommunications firm Telstra in the coming months. She has served on Tesla’s board since 2014.

In other Tesla news, the company began offering a lower-cost, mid-range Model 3 and is expected to release a “heart-stopping” pickup truck in the near future, as per Musk.

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