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Tesla Appoints Two New Board Members as Part of the SEC Settlement with Elon Musk



Photo: Chris Carlson (AP)

Tesla announced two new board members on Friday: Kellogg Alain Kathleen Wilson-Thompson and Oracle co-founder and CTO Larry Ellison, who referred to himself as a close friend of Elon Musk.

The two join the Board as part of the settlement reached by Tesla and Musk with the US Securities and Exchange Commission (SEC) on Musk Bananas. The regulation required, among other things, that the electric vehicle group hired two new independent directors.

"In the broad search over the last few months, we have tried to add independent directors with skills that complement the current experience of the Board of Directors," said the Tesla Board of Directors in a statement. "In Larry and Kathleen, we have added an outstanding entrepreneur and human resource manager, both of whom have a passion for sustainable energy."

Ellison owns 3 million shares of corporate stock, according to CNBC. He described his relationship with Musk as "very close friends" and defended the Tesla CEO in a continuing drama that consisted primarily of Musk's own work because he was extremely online. According to CNBC, however, the company is now trying to downplay the connection, according to the SEC's "Independent" Director's Policy:

A Tesla spokesman downplayed Ellison's and Musk's personal relationship, saying that they only socialized a few times always in a group. The spokesman said Musk and Ellison had not spoken about a year before Ellison was appointed to the Board.

Both Musk and Tesla were fined US $ 20 million as part of the company's deal with the SEC, and Musk voted to resign from the company for at least three years. In addition, the SEC mandated Tesla to monitor Musk's tweets and other communications ̵

1; something Musk said in a recent 60-minute interview, best demonstrated by the fact that he tweeted at all. In early October, Musk appeared to make fun of the SEC on Twitter by calling it a "Short Sales Enrichment Commission". That same month, Musk tweeted that his infamous 420 tweet was "worth it for Likes."

[TechCrunch]


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