Musk Could Leave Company If $56 Billion Pay Package Isn't Approved: Chairperson of Tesla Warns Shareholders
Tesla’s board chair, Robyn Denholm, is urging the company’s shareholders to approve a massive $56 billion pay package for CEO Elon Musk, highlighting the potential risk of losing the influential leader if the compensation plan isn't endorsed. As shareholders prepare to vote on June 13th, Denholm emphasizes the unique nature of Musk's role and his indispensable impact on Tesla’s success. The upcoming vote marks the second time shareholders will decide on Musk’s pay package, following a Delaware judge's decision to void the initial approval due to a flawed process. Tesla is now making a concerted effort to secure the necessary votes, also proposing to reincorporate the company in Texas to avoid Delaware court oversight. In her letter to shareholders filed with the Securities and Exchange Commission, Denholm stresses Musk’s extraordinary contributions and the unconventional approach needed to motivate him. "Elon is not a typical executive, and Tesla is not a typical co...
