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$2.6b potential payout to Musk would be highest

Tesla board members to vote for plan at March 21 meeting

Gulf News

Dubai: A potential compensation package valued at $2.6 billion to the head of Tesla Inc. would amount to the highest ever payout received by a company’s chief executive officer – by a long shot.

During a board meeting on March 21, board members of Tesla, the American electric car manufacturer, will vote for a plan to award CEO Elon Musk a $2.6-billion-package.

If board members do agree to award Musk the unprecedented pay package, he would be the highest paid executive.

In 2007 and 2008, Daniel Och, chief executive officer of hedge fund Och-Ziff Capital Management Group, received $918.9 million and $1.19 billion as annual compensation for fiscal years 2007 and 2008 respectively, as per Reuters reports, citing ISS Analytics, the data arm of Institutional Shareholder Services.

Last month, Snapchat chief executive officer Evan Spiegel made headlines for receiving nearly $638 million as total compensation in 2017, the third highest annual payout to a CEO.

Spiegal’s headline compensation is just a fourth of what Musk would receive if Tesla’s board approves his payout next week.