Tesla chairman dismisses it as ‘c**p’ claims she’s too close to Elon Musk as his £44bn pay deal is in balance
- Denholm is trying to convince shareholders to support the billionaire’s pay package
Tesla’s chairman has dismissed ‘c**p’ claims she is too close to Elon Musk as his £44 billion pay deal hangs in the balance.
Robyn Denholm is trying to convince shareholders to support the billionaire’s pay package after a Delaware court rejected it in January.
The court ruled that Musk’s compensation as CEO of Tesla had been wrongly determined by the company’s board.
Kathaleen McCormick, of the Court of Chancery in Delaware, said Musk controlled the board through his personality and influence – meaning his pay package could not be determined through due process.
Denholm, who has been chairman since 2018, was also accused of a “lax approach to her oversight duties.”
Big money: the wage deal, which was struck in 2018, was the largest ever in the history of corporate America
But she is trying to convince investors ahead of Tesla’s annual meeting on June 13 to vote in favor of the pay package. She argues that the bumper payout is critical to the electric car maker’s future growth.
Denholm, 60, told the Financial Times: “The vote is quite important for us as a company, but I also think it’s important for corporate America as well.”
She also dismissed the court’s findings about her relationship with Musk as “absolute BS” and “c**p.”
The wage deal, agreed in 2018, was the largest ever in corporate America history.