Tesla board chair testifies in Musk compensation lawsuit

KIFI

Published November 15, 2022 1:19 PM

By RANDALL CHASE
AP Business Writer

WILMINGTON, Del. (AP) — The head of Tesla’s board of directors says her focus in helping develop a huge compensation package for CEO Elon Musk in 2018 was the results he could bring, not how many hours he devoted to the job. Robyn Denholm testified Tuesday in a shareholder lawsuit challenging Musk’s deal, which is potentially worth more than $55 billion. The lawsuit alleges that the performance-based stock option grant was negotiated and approved by directors who had conflicts interest due to personal and professional ties to Musk. It also alleges that a shareholder vote approving the plan was based on a misleading proxy statement.

Article Topic Follows: AP National Business

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