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Tesla appoints two new directors to comply with regulatory agreement

The luxury electric car maker Tesla today announced the appointment of two new members of its board of directors, Larry Ellison, co-founder of Oracle, and Kathleen Wilson-Thompson, director of the Walgreens Boots Alliance, the largest pharmaceutical network in the country.

“We are looking for independent directors with skills that will complement the experience of the current board,” the board of directors said in a statement.

“With Larry and Kathleen we have added a prominent entrepreneur and a leader in human resources, with a passion for sustainable energy,” the note adds.

The appointments of Ellison and Wilson-Thompson are part of the agreement reached by Tesla with the Securities Market Commission (SEC) to prevent the stock market regulator from suing the company and its founder, Elon Musk.

Under the terms of the agreement, SEC forced Tesla to appoint two independent directors and put “more controls and processes to monitor Musk’s communications,” that would strengthen “corporate governance and Tesla’s oversight to protect investors.”

SEC threatened Tesla and Musk with a fraud lawsuit after the company’s founder in August declared on Twitter that he had secured the necessary funding to remove Tesla from the stock market and suggested that he would pay $ 420 to carry out the transaction. action.

Subsequently, Musk acknowledged that he did not have the funds necessary to proceed with the operation and that his tweets were aimed at “short-sellers”, investors who bet that the titles of a company are overvalued.

Musk has accused short sellers of damaging Tesla with its stock operations.

Ellison acknowledged in October that he is a “close friend” of Musk and that he owns about 3 million shares of Tesla, which currently would have a value of 1,000 million dollars.
After the appointment of Ellison and Wilson-Thompson, the board of directors of Tesla passes from nine to 11 directors (EFEUSA).

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