Tesla appoints independent board members as part of SEC deal on Musk

Tesla appointed two independent board members Friday as part of an agreement between CEO Elon Musk and the Securities and Exchange Commission (SEC).

Oracle co-founder Larry Ellison and Kathleen Wilson-Thompson, an executive vice president at Walgreens Boots Alliance, will join as directors, according to Tesla’s website.

{mosads}“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,” Tesla said of the appointments.

Musk got into trouble with the SEC in August when he tweeted that he was thinking of taking Tesla private at $420 a share, saying he had “funding secured.”

Musk and the SEC reached an agreement where he would step down as chairman of the automaker, which would appoint two independent board members with no ties to the company. Musk and Tesla also each had to pay $20 million in penalties.

Musk and Tesla have now satisfied those requirements, but that hasn’t stopped the CEO from criticizing the agency.

On CBS’s “60 Minutes” earlier this month, Musk said that he does “not respect the SEC.” He later explained that he is agreeing to the changes they asked for because “I respect the justice system.”