With Tesla shareholders set to vote on a proposed 10-year, $1 trillion compensation package deal for CEO Elon Musk in November, board chair Robyn Denholm spoke to The New York Instances to defend what can be the most important pay package deal 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 prompt he’s much less within the extra wealth that the promised Tesla shares would characterize, and extra within the voting energy.
“I believe it’s a little bit bit bizarre speaking in regards to the {dollars} when it’s really the voting affect,” stated Denholm, whom The Instances described as “often showing in poor health relaxed” in the course of the interview.
It may additionally appear counterintuitive to supply such an enormous pay package deal when Tesla’s income and automobile 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 in opposition to the targets.”
As TechCrunch beforehand famous, the package deal’s targets are significantly much less formidable than a few of the guarantees Musk has made about Tesla up to now.