<span>STORY: Elon Musk could leave Tesla as CEO if his proposed $1 trillion pay package is not approved.</span><span>Those were the words Monday (Oct. 27) from Tesla Chairman Robyn Denholm.</span><span>The call comes ahead of the automaker’s annual meeting in early November.</span><span>Denholm said in a letter that the proposed plan was performance-based.</span><span>And that he intended to motivate Musk to continue leading Tesla for at least another seven and a half years.</span><span>He said Musk’s leadership was “critical” to Tesla’s success.</span><span>Denholm added that Musk’s role was vital as Tesla seeks to become a global leader in artificial intelligence and self-driving technology.</span><span>The proposed package would grant Musk 12 tranches of stock options tied to ambitious goals.</span><span>Includes a market capitalization of $8.5 trillion and milestones in autonomous driving and robotics.</span><span>Denholm’s letter describes the package as necessary to align Musk’s incentives with shareholder value and long-term growth.</span><span>Tesla’s board of directors has faced repeated criticism for failing to act in the best interests of shareholders.</span><span>Tesla’s board of directors has been under scrutiny for years for its close relationship with Musk.</span><span>A Delaware court voided their 2018 pay agreement earlier this year.</span><span>It found that it was improperly awarded and negotiated by directors who were not fully independent.</span>
