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Tesla appoints two new board members to comply with SEC settlement

By Nicholas Sakelaris
Tesla appointed two new executives to its board of directors Friday. File Photo by Stephen Shaver/UPI
Tesla appointed two new executives to its board of directors Friday. File Photo by Stephen Shaver/UPI | License Photo

Dec. 28 (UPI) -- Tesla appointed two veteran executives to its board of directors Friday as the electric car maker complies with a Securities and Exchange Commission settlement requiring new independent members.

Oracle founder Larry Ellison, who bought 3 million Tesla shares this year, was named to the board with Walgreen Boots Alliance executive Kathleen Wilson-Thompson.

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"In Larry and Kathleen, we have added a preeminent entrepreneur and a human resources leader, both of whom have a passion for sustainable energy," Tesla's Board of Directors said in a statement.

The appointments comply with a mandate by the SEC, which wanted new board members to keep Tesla CEO and former chairman Elon Musk in check. Musk was sued by the SEC for an Aug. 7 tweet about potentially privatizing the company. He was later ordered to step down as chairman.

Last month, the board appointed Robyn Denholm to chair the board. Some analysts and investors hoped an independent outsider would be appointed. The appointment of Ellison raises similar concerns because he was already a fan of Tesla.

"I am very close friends to Elon Musk and I am a very big investor in Tesla," Ellison said in October.

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