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Tesla Inc

Tesla appoints Oracle founder and Walgreens exec as independent directors as part of SEC reshuffle deal

The appointment of Larry Ellison and Kathleen Wilson-Thompson formed part of a deal with the SEC in September after it filed fraud charges against CEO Elon Musk

Elon Musk
Musk was accused of fraud after posting a tweet saying Tesla had secured funding to go private, a claim that later turned out to be false

Tesla Inc (NASDAQ:TSLA) has appointed the founder of Oracle Corp (NYSE:ORCL) and the global head of human resources at Walgreens Boots Alliance Inc (NASDAQ:WBA) to its board as independent directors as part of a deal with regulators agreed in September.

The electric car maker said Larry Ellison and Kathleen Wilson-Thompson’s appointments were effective from 27 December and formed part of the deal agreed with the Securities and Exchange Commission (SEC) after chief executive Elon Musk was fined for sending a tweet saying the company had secured funding to go private, prompting the SEC to file fraud charges against him.

READ: Tesla gets a big price target boost to $465 from Baird

Under the agreement, Musk agreed to pay a US$20mln fine and step aside as Tesla’s chairman for three years to settle charges that could have forced his exit from the firm while Tesla itself also agreed to pay a US$20mln fine.

The company had also agreed to appoint an independent chairman, two independent directors, and a board committee to control Musk’s communications.

In November, Tesla named director Robyn Denholm as board chair, who had previously joined Tesla in 2014 as an independent director, fulfilling one of the demands.

Tesla shares were up 1.3% at US$320.1 in early trading Friday.

Quick facts: Tesla Inc

Price: $242.81

Market: NASDAQ
Market Cap: $43.49 billion
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