TeslaHoping that Robyn Denholm will continue to serve as chairman discourages market speculation that CEO Musk will return as chairman after the three-year ban ends.

Musk, who has led the electric car manufacturer since 2008, lost his title as chairman in 2018. At the time, the US Securities and Exchange Commission charged that his attempt to privatize Tesla was misleading consumers, and later reached a settlement agreement with him.

According to the settlement agreement announced in September 2018, Musk must step down as chairman and be replaced by an independent chairman for a period of three years. This has led some to speculate that Musk may return to his position as chairman this fall.

“We believe Ms. Denholm has special qualifications that qualify her to serve as a board member and chairman,” Tesla said in Friday's documents. The company mentioned her “leadership experience and her expertise in accounting.”

The electric vehicle market leader plans to hold a shareholders' meeting on October 7.

Tesla said that director Antonio Gracias will step down as planned. Gracias is the founder of a private equity firm, and after he left, Tesla proposed to reduce the number of board members from 9 to 8.