Thursday vote seen as referendum on CEO’s leadership after judge struck down ‘unfathomable’ pay in January
Tesla shareholders will decide late Thursday whether to award CEO Elon Musk a pay package worth around $45bn in what has become a referendum on the tech mogul’s leadership and a source of fierce legal contention at his electric car company.
A Delaware chancery court judge nullified Musk’s pay package in January. Chancellor Kathaleen McCormick ruled that the board’s process of reaching the dollar figure, which she called “unfathomable”, was illegitimate and that Musk’s ties with board members were too extensive for them to be considered independent.
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