Keep in mind Altman was also a board member with senior tenure to Toner, and basically hired her to the board.
OpenAI is operated at a public charity and is required to meet a "public support test" of 33%, so Musk could not have given his $40 million without the $20 million from Open Philanthropy, an EA supported public charity. In fact, most of Open Philanthropy's money went to OpenAI.
Public charities are also required to have less than a majority of the board be employees or relatives of employees. For a while, after Elon Musk was removed, Holden Karnofsky of Open Philanthropy was the only non-employee on the board.
Other board members elect replacements iirc