To fulfill a settlement with the U.S.SEC, Tesla is adding billionaire CEO of Oracle Larry Ellison and Walgreens executive Kathleen Wilson-Thompson as independent directors to its board.
The pair, who reportedly joined the board on December 27, “holds a strong personal belief in Tesla’s mission of accelerating the world’s transition to sustainable energy,” the Tesla Board said.
Larry Ellison, who is also a friend and ally of Musk, isn’t just a Tesla “believer”, but is also the second largest investor in Tesla. Ellison purchased 3 million Tesla shares earlier this year. The IT Services kingpin also spent $1.9 million on a Tesla-made microgrid energy system for a greenhouse farming project – which is part of another Ellison company called Sensei.
“Over the last few months, we sought to add independent directors with skills that would complement the current board’s experience. 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 prepared statement.
As per the settlement with SEC, Musk had to step down as Chairman of the Tesla Board and paid a $20 million fine. The SEC filed a complaint earlier this year alleging that Musk lied when he tweeted that he had funding secured for a private takeover of the company at $420 per share.