First, superstar CEOs can indeed be paid like it; second, where warranted, they should be
Tesla Inc. CEO Elon Musk dances onstage during a delivery event for Tesla's China-made Model 3 cars in Shanghai, China on Jan. 7, 2020.Grant McGlaughlin, Richard Steinberg and Paul Blyschak are lawyers at Fasken. This article reflects the opinions of the authors and not of their firm., Gordon Gekko delivered the line the film is famous for: “Greed, for lack of a better word, is good.” Mr.
When Tesla’s compensation plan was approved by its board and shareholders in early 2018, it was described as a moonshot given the astronomical market capitalization and operational targets the company would need to hit for Mr. Musk to fully cash in. The New York Times noted many experts would contend the milestones were “laughably impossible.
The overall significance is that had the plan been the product of a more impartial, robust and transparent process – including with third-party compensation advisers and a benchmarking analysis tied to comparable companies – its fate could have been different. Performance of this nature should be applauded, not derided. Society is better off when we embolden visionaries to go beyond what the market believes is realistic and, if achieved, to reward them handsomely.
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