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Tesla chair warns Elon Musk may depart over $1 trillion pay dispute
The board faces repeated criticism over its independence and oversight of Musk's influence. This follows a Delaware court's decision earlier this year to strike down his 2018 pay deal, citing it was improperly negotiated by directors who were not fully independent.
Tesla Chair Robyn Denholm has issued a stark warning to shareholders: CEO Elon Musk could step down if they reject his proposed $1 trillion performance-based pay package. Denholm’s appeal comes ahead of the November 6 annual meeting, where investors will vote on the massive compensation plan.
Denholm's letter frames the deal as necessary to retain and motivate Musk to continue leading the company for at least another seven-and-a-half years, stating his "time, talent and vision" are critical for Tesla's future in artificial intelligence and autonomous technology.
The proposed plan would grant Musk 12 tranches of stock options tied to ambitious targets, including a market capitalization of $8.5 trillion and milestones in robotics and autonomous driving.
The board faces repeated criticism over its independence and oversight of Musk's influence. This follows a Delaware court's decision earlier this year to strike down his 2018 pay deal, citing it was improperly negotiated by directors who were not fully independent.
Denholm also urged investors to re-elect three long-serving directors who have worked closely with Musk.
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