The impeachment trial of Elon Musk regarding Tesla’s compensation package as CEO of the company led to some revelations last week.
One surprising finding from the experience is that Elon Musk has a potential successor in mind for the CEO position of Tesla. This discovery made many wonder whether Elon Musk plans to step down as CEO (CEO) of Tesla sooner or later.
However, an overview of the trial reveals that Tesla’s board of directors finds Elon Musk irreplaceable when it comes to his position as CEO. Testimonials from current and former Tesla board members show that they value Musk’s contributions to the company.
Former Tesla board member Antonio Gracias testified that the board discusses finding another person to fill the company’s CEO position from time to time. “We couldn’t find anyone,” Gracias stated.
In the past, Musk has addressed concerns about his stepping down as CEO of Tesla. He noted that Tesla still has plenty of products to launch in the future, including the Tesla Cybertruck, Tesla Roadster, and most recently the Optimus humanoid robot. Tesla has hinted that it’s also working on a smaller platform that could be the long-awaited $25,000 electric car. Therefore, Musk has a lot of work to do at Tesla before he extends an invitation to the company.
Elon Musk’s Tesla Payment Plan
Elon Musk’s payment trial concluded on Friday afternoon. Counsel Kathleen McCormick presided over the trial. No judgment was issued by the court at the conclusion of the trial. It may take some time before Chancellor McCormick issues a ruling.
Plaintiff Richard Tornetta sued the compensation package decided by Tesla’s board of directors in favor of Elon Musk as the company’s CEO. Tornita, who filed the lawsuit in 2018, alleges that Musk used his control of Tesla and its board of directors to receive a wage package to “finance his personal ambition to colonize Mars.” The plaintiff also claims that the board failed to disclose important information regarding Elon Musk’s compensation package to shareholders.
Much of Elon Musk’s payment trial has focused on 12 tranches the billionaire CEO had to fulfill before receiving any compensation from Tesla. Tornetta’s camp argued that Tesla knew Musk would remove some tranches relatively soon before agreeing to his salary package.
Current and former Tesla board members and Elon Musk have all stated that the billionaire was not part of the discussion regarding his bonus package. Musk and the Tesla Board thought some of the performance targets in his pay package were too challenging.
“The market value targets were absolutely insane,” former Tesla board member Brad Boss commented. “If he does not perform, nothing will be paid.”
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