Elon Musk is not leaving Tesla
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Denholm said the $1 trillion package is designed to retain and motivate Musk for at least another seven years.
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Robyn Denholm said in a letter to shareholders that Musk stepping away could lead to Tesla losing "significant value."
Tesla critics hope to block the stratospheric compensation proposed for CEO Elon Musk but face an uphill fight. Investors in the electric vehicle maker will decide on November 6 whether to approve the pay package that is potentially worth $1 trillion - likely the largest-ever CEO compensation agreement.
Tesla’s board is warning shareholders that CEO Elon Musk could leave the company if they vote against his nearly $1 trillion compensation plan.
Tesla Inc. is prepared to name a new chief executive officer from inside the company if shareholders reject Elon Musk’s proposed $1 trillion pay package and he steps down, according to the chair of the EV maker’s board.