Tesla board chair calls debate over Elon Musk’s $1T pay bundle ‘slightly bit bizarre’
With Tesla shareholders set to vote on a proposed 10-year, $1 trillion compensation bundle for CEO Elon Musk in November, board chair Robyn Denholm spoke to The New York Occasions to defend what can be the most important pay bundle in company historical past.
Denholm, who was additionally on the particular committee that put the compensation proposal collectively, argued that Musk must be motivated by extraordinary challenges tied to extraordinary compensation. On the similar time, she recommended he’s much less within the extra wealth that the promised Tesla shares would signify, and extra within the voting energy.
“I feel it’s slightly bit bizarre speaking in regards to the {dollars} when it’s really the voting affect,” stated Denholm, whom The Occasions described as “sometimes showing unwell comfortable” through the interview.
It may additionally appear counterintuitive to supply such a large pay bundle when Tesla’s earnings and car gross sales are falling, however Denholm insisted that the plan is about “future efficiency.”
“It’s not about previous efficiency,” she stated. “He will get nothing if he doesn’t carry out towards the objectives.”
As TechCrunch beforehand famous, the bundle’s objectives are significantly much less bold than a few of the guarantees Musk has made about Tesla prior to now.
