Tesla names Oracle founder Larry Ellison to board as part of SEC settlement (TSLA)

Tesla has added two new board members, it said Friday: Larry Ellison and Kathleen Thompson-Wilson.
The new appointments are part of Tesla's $20 million settlement with US regulators in September.
Last month, Robyn Denholm replaced CEO Elon Musk as chairman of the board.

Tesla on Friday said it has named Oracle founder Larry Ellison and Walgreens executive Kathleen Thompson-Wilson as directors, fulfilling the another of its promises stemming from a $20 million settlement with US regulators in September.

The two new board members come about six weeks after Tesla announced Robyn Denholm would take over as chairman from CEO Elon Musk in early November. The appointments are retroactively effective on Thursday, December 27th, the company said.

"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," the board said in a press release. "In Larry and Kathleen, we have added a preeminent entrepreneur and a human resources leader, both of whom have a passion for sustainable energy."

Thompson-Wilson spent 17 years at Kellogg and currently an executive vice president and global human resources officer at Walgreens-Boots Alliance. She also serves on the boards of Ashland Inc, a chemicals company, and Vulcan Materials, a construction company.

Ellison is a "big believer" in Tesla's mission, the company said, having bought 3 million shares of the company earlier this year.

Shares of Tesla spiked as much as 3.9% in early trading Friday following the announcement.