2 independent board directors named by Tesla

Virginia Carson
January 1, 2019

In its 2018 proxy, Tesla said only two of its directors - Musk and his brother, Kimbal - did not meet the independence standards as defined by Nasdaq. He served as a director at Apple at a critical time for that company - in the five years after Steve Jobs returned to the helm of the then struggling computer maker in 1997, helping oversee one the greatest turnarounds in corporate history.

Charles Elson, director of the corporate governance center at the University of DE, questioned adding a friend of Musk's and another director with no experience at an industrial company like Tesla.

Tesla also said it is setting up a committee on the board to oversee compliance with the SEC agreement regarding public disclosures and public statements and review potential conflicts of interest, employment and compensation disputes, according to a regulatory filing Friday.

SEC officials could not be reached to comment on Friday, but Harvey Pitt, the agency's former chairman, called the addition of Ellison a positive step.

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"This guy is landing rockets", Mr Ellison said in October of Mr Musk, who also runs Space Exploration Technologies. However, it's not just Tesla devotees that he's been pitching on the purchase of a new vehicle.

Tesla's shares rose more than 4 percent to $331 as of 8:28 a.m. Friday in NY, before the start of regular trading.

Wilson-Thompson, the global chief human resources officer at Walgreens Boots Alliance, previously spent 17 years at Kellogg and serves on the boards of Vulcan Materials Company and Ashland Global Holdings.

Tesla added Larry Ellison and Kathleen Wilson-Thompson to its board, picking a controversial Silicon Valley luminary and a respected human-resources expert to show securities regulators that it is giving Elon Musk more oversight.

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Tesla's board now has 11 members, including three women.

So, Tesla settled for tech luminary and Elon's BFF, Larry Ellison, to fill one of its two open independent director roles.

He rarely interacts with journalists or blogs, and has only tweeted once - a 2012 message promoting Oracle's cloud products.

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