Oracle (ORCL) Executive Chairman Larry Ellison and Kathleen Wilson-Thompson, an executive at Walgreens Boots Alliance (WBA), have joined the board of directors at Tesla (TSLA), which comes as part of a settlement with the Securities and Exchange Commission, Tesla announced Friday.
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Each joined the board as an independent director. Wilson-Thompson is the global head of human resources Walgreens Boots. Prior to that, she spent 17 years at Kellogg (K).
Tesla Chief Executive Elon Musk in September agreed to appoint a new chairman and two independent board members. That followed an SEC lawsuit, which alleged Musk misled investors when he sent a tweet in August about taking the company private at $420 a share. The tweet sent Tesla stock to a record high at the time.
Musk gave up his role as chairman in November, with the appointment of Robyn Denholm as the new board chair. Denholm is chief financial officer and head of strategy at Australian phone company Telstra (TLSYY).
Tesla stock jumped 5.6%, to close at 333.87 on the stock market today.
The Tesla board, which includes Musk's brother Kimbal, has been under fire from corporate governance experts for lacking independence and being comprised of Musk loyalists.
Tesla said its board of directors "conducted a thorough, expansive process in searching for its new independent directors, considering candidates with a wide range of skill sets from across the globe who also hold a strong personal belief in Tesla's mission."
Ellison purchased 3 million shares of Tesla stock earlier this year, the company said.
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The post Tesla Appoints Two New Directors, Including Oracle Exec Larry Ellison appeared first on Investor's Business Daily.
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