Elon Musk May Leave Tesla If $56 Billion Pay Not Approved, Board Chair Warns
NDTV
"Motivating someone like Elon requires something different," the company's board chair Robyn Denholm said.
Billionaire Elon Musk may leave Tesla if shareholders reject his $56 billion pay package, according to the company's board chair Robyn Denholm. She also stated that the CEO could spend his time in "other places", as per a report in the Verge.
The shareholders of the electric car maker will decide on Mr Musk's compensation package on June 13. This will be the second time that shareholders will vote on the CEO's compensation which was first ruled invalid earlier this year by a Delaware court who claimed that the approval process was "deeply flawed."
Ms Denholm wrote in the letter to shareholders, filed with the Securities and Exchange Commission, "Elon is not a typical executive, and Tesla is not a typical company. So, the typical way in which companies compensate key executives is not going to drive results for Tesla. Motivating someone like Elon requires something different."
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