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Tesla adds Larry Ellison, Kathleen Wilson-Thompson executive to board

The new additions to the board put a bookend on a months-long distraction that at one point looked like it may cost Musk his future with the company

Bloomberg 

Tesla

added and to its board on Friday, fulfilling the terms of the settlement reached with Us securities regulators over its CEO’s problematic posts about taking the company private.

Ellison, the co-founder of Oracle Corp, and Wilson-Thompson, the global chief human resources officer of Walgreens Boots Alliance Inc, join a board the ordered to step up its governance and oversight measures after claimed in August to have had the funding and investor support for a buyout. The chief executive officer relinquished the role of chairman in November, and both he and the company agreed to pay $20 million penalties.

The new additions to the board put a bookend on a months-long distraction that at one point looked like it may cost Musk his future with the company. While reining him in may prove challenging, they’ll help steer a carmaker that’s made significant strides in profitably making and delivering electric vehicles.

Tesla’s shares rose as much as 6 percent to $335.00 as of 8.40 am Friday in New York, before the start of regular trading. The stock was up 1.5 per cent this year through the close Thursday.

First Published: Sat, December 29 2018. 02:09 IST
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