The new appointment to board were in compliance with a settlement reached with U.S. securities regulators over CEO Elon Musk's taking private tweet.
Ellison owns about 3 million shares of Tesla stock, which translates to about $1 billion at Friday's opening price.
"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 Tesla's Board of Directors.
Elon Musk had reached a settlement with the SEC related to the "taking private" claim. The billionaire entrepreneur agreed to step down as the chairman and pay $40 million in penalties. Tesla also agreed to appoint a total of two new independent directors to its board.
The SEC had charged Musk with fraud for a series of false and misleading tweets about a potential transaction to take Tesla private.
Musk, on August 7, tweeted that he could take Tesla private at $420 per share and that funding for the transaction had been secured, and that the only remaining uncertainty was a shareholder vote.
However, SEC alleged that Musk knew that the potential transaction was uncertain and subject to numerous contingencies. Musk had also not discussed specific deal terms, including price, with any potential financing partners and his statements about the possible transaction lacked an adequate basis.
Read the original article on RTTNews (http://www.rttnews.com/2965851/tesla-appoints-larry-ellison-kathleen-wilson-thompson-to-board.aspx)
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