Tesla has announced it has named two new members to its board, following through on a compliance order to address an SEC lawsuit.
The new members are Larry Ellison, CEO and Co-Founder of Oracle, Inc, and Kathleen Wilson-Thompson, global head of human resources at Walgreens Boots Alliance and a former executive at Kellogg. The appointments are effective immediately.
Ellison already owns 3 million shares of Tesla stock, which translates to $1 billion net worth. Wilson-Thompson has 10 years corporate board experience and currently serves on two other board .
Tesla and its CEO, Elon Musk, agreed to add new, independent board members and find a new CEO after he was sued by the SEC over a tweet the agency claims misled investors in the startup about taking Tesla private at $420 a share.
Robin Dehholm, an existing board member at Tesla, was named CEO earlier this year.
“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,” said the Board of Directors at Tesla in a statement.
Photo credits: Tesla Motors.