Tesla Appoints Oracle Chairman Larry Ellison to Its Board

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In compliance with the settlement it reached with the Securities and Exchange Commission (SEC), American electric car maker Tesla announced on Friday the names of the two independent directors that will join its board.
The two people are Larry Ellison and Kathleen Wilson-Thompson and have been appointed as a means to bring at Tesla much needed expertise in business and human resources.

Ellison, among the richest people on the planet, is co-founder and executive chairman of computer technology giant Oracle. He is also a very close friend of Elon Musk and a major investment in Tesla, where he placed his “second-largest investment,” as he revealed in October.

Wilson-Thompson is the global head of human resources at health company Walgreens Boots Alliance.

As soon as the announcement of the new appointments was made, Tesla shares soared by over 4 percent.

As part of the deal with the SEC, Tesla appointed at the beginning of November Robyn Denholm at the helm of the company’s board, replacing Musk himself.

These changes were required by the SEC in return for them dropping a fraud charge against Musk following his August tweets that he wants to take the company private at a price of $420 per share.

The SEC got involved on concerns that Musk did not actually have the financing to pull off this stunt. The commission’s assessment turned out to be accurate and led to Musk being subpoenaed.

Aside for the new executives to be appointed to oversee Tesla, the SEC asked its CEO to pay $20 million in fines. An equal amount was to be paid by Tesla itself, and all the money are to go to harmed investors under a court-approved process.

Musk quit his role as chairman in September and agreed to have a set of controls and procedures in place to prevent him from posting ill-fated ideas on social networks.
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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