Tesla appoints 2 independent directors after SEC settlement

Electric carmaker Tesla, which agreed in September to appoint two independent directors and a new chairman, said Friday that Larry Ellison, executive chairman of Oracle, and Kathleen Wilson-Thompson, executive vice president of Walgreens Boots Alliance, have joined the board of directors.

The agreement to make leadership changes at the company followed a Securities and Exchange Commission investigation and subsequent lawsuit that accused Tesla founder Elon Musk of misleading investors with a tweet about taking the company private.

That lawsuit was settled 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,” the Tesla board said in a statement.

Ticker Security Last Change Change %
TSLA TESLA INC. 171.05 -3.55 -2.03%

Ellison purchased 3 million shares of Tesla earlier this year.

Shares of the company were up sharply after the announcement.