Tesla CEO Elon Musk would step down as the company's chairman and be replaced by an independent chairman under a proposed settlement with the Securities and Exchange Commission, the agency announced Saturday. "Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC's allegations," the commission said in a statement. Musk will remain as Tesla's CEO under the deal, CNBC reported. The proposed settlement agreement, which includes other stipulations, is subject to court approval.