"To nab the jaw-dropping pay package that could make Elon Musk the first trillionaire, the Tesla CEO first has to find his successor - eventually, anyway. Succession planning is rarely easy and often gets harder when it involves replacing a high-profile exec. Whoever eventually steps in to replace Musk will have a big job to do, leadership experts told Business Insider."
"While Tesla's regulatory filing said that its Nominating and Corporate Governance Committee periodically reviewsCEO succession planning, this is the first time Tesla's Board has included this requirement in Musk's pay package. "As a matter of best practice, and to ensure the resiliency of Tesla, the Board regularly considers succession planning for both sudden, unanticipated events, in addition to longer-term planned succession for its executives," the SEC filing said. Musk's unprecedented pay package is even more ambitious than his last."
Tesla included a succession-planning requirement in Elon Musk's $1 trillion pay package, marking the first time the Board added such a stipulation to his compensation. The package sets a dozen milestones over ten years, including an $8.5 trillion valuation, 12 million car sales, and one million robotaxis. The Nominating and Corporate Governance Committee periodically reviews CEO succession planning. Leadership experts say replacing a high-profile executive like Musk will be difficult. Musk has stated he intends to remain CEO in five years unless he dies. The succession clause follows a rocky leadership period but does not indicate imminent separation.
Read at Business Insider
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