As part of a deal reached with the Securities and Exchange Commission in September, Tesla has added two new independent directors to its board.
Effective as of Dec. 27, the new board members are Oracle co-founder Larry Ellison and Kathleen Wilson-Thompson, global chief human resources officer of Walgreens Boots Alliance, the nation’s largest pharmacy and health and wellness company.
In September, the SEC filed a complaint against Tesla for online comments made by CEO Elon Musk about possibly taking the publicly traded company private. The SEC, citing a lack of evidence that any such deal was a reality, sued the company in the U.S. District Court for the Southern District of New York on charges that the post misled investors.
As part of the settlement deal, Tesla was required within 90 days of filing settlement documents to appoint two additional independent directors and create a permanent board committee of independent directors charged with overseeing controls governing public statements.
“The board, led by its nominating and corporate governance committee, 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 of accelerating the world’s transition to sustainable energy,” Telsa stated.
“In conducting a widespread search 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 statement.
Earlier this year, Ellison purchased 3 million shares of Tesla.