Tesla names Oracle's Ellison to board in SEC settlement

FREMONT, Calif. -- Tesla is naming Oracle's Larry Ellison and an executive from Walgreens to its board as part of a settlement with U.S. regulators who demanded more oversight of CEO Elon Musk.

The company said Friday that Ellison and Kathleen Wilson-Thompson are the new independent directors, effective immediately.

TIMELINE: ABC7 investigates deadly Tesla crash on Hwy 101 in Mountain View

Wilson-Thompson spent 17 years at Kellogg and is currently an executive with Walgreens Boots Alliance.

The Securities and Exchange Commission charged Tesla CEO Elon Musk with misleading investors in August with a tweet that said he had "funding secured" for taking the company private. The two board members are part of the agreement reached with the SEC.

Take a look at more stories and videos about Tesla.