Larry Ellison

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Larry Ellison's New Gig

Named to Tesla Board of Directors

KCBS Radio Morning News
December 28, 2018 - 7:02 am

PALO ALTO (KCBS Radio) -- Tesla, Inc on Friday proposed to name Oracle founder Larry Ellison to its board of directors in a move designed to complete a settlement with the Securities and Exchange Commission

Ellison would join another newly-named director on the Tesla board, former Kellogg executive Kathleen Wilson-Thompson.

Ellison is no stranger to the company. "I am very close friends to Elon Musk and I am a very big investor in Tesla," Ellison told financial analysts during a session at the Oracle OpenWorld conference in October.

Tesla's corporate governance became a matter of interest to federal regulators after Musk tweeted that he had a deal to take the company private at $420 a share. It turned out there was no deal,  and Tesla agreed to appoint a new chairman and two independent board members following an SEC lawsuit alleging that Musk misled investors.

Tesla directors issued a statement Friday welcoming Ellison and Wilson-Thompson. It read in part, "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."