Telstra’s CFO is set to replace Elon Musk as chair of Tesla.

Tesla has released a statement says Robyn Denholm will take on the full-time chair role “effectively immediately”, but Telstra says she will continue in the CFO and head of strategy role at the telco until May 6, 2019.

“So that she will be able to devote her full attention to the Tesla chair role, Robyn will be leaving her role as CFO and head of strategy at Telstra ... once her six-month notice period with Telstra is complete,” Tesla said.

“To ensure a smooth transition during the remainder of Robyn’s time at Telstra, Elon will be a resource to Robyn and provide any support that she requests in her role as chair.

“Robyn will continue to provide the necessary focus and time to Telstra during the remainder of her time there, and she will also temporarily step down as chair of Tesla’s Audit Committee until she leaves Telstra.”

Ms Denholm has served as an independent director on the Tesla Board since 2014, and as Telstra CFO since October 1 this year.

She has previously worked at major tech firms including Juniper Networks and Sun Microsystems.

Mr Musk stepped down as Tesla chair in recent weeks due to a settlement with the US Securities and Exchange Commission (SEC) after the regulator found a tweet he made could have misled investors.

Telstra CEO Andy Penn said the company would be “sorry to see Robyn leave”.

Telstra is “undertaking a search for a new chief financial officer”, he said, pledging to provide an update on her replacement “as soon as possible”.