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.

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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.

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TSLATESLA INC.348.84+9.31+2.74%

Ellison purchased 3 million shares of Tesla earlier this year.

Shares of the company were up sharply after the announcement.