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STORY: Elon Musk could leave Tesla as CEO if his proposed $1 trillion pay package isn't approved.That was the word Monday (October 27) from the Chairman of Tesla's board of directors, Robyn Denholm.The appeal comes ahead of the automaker's annual meeting in early November.Denholm said in a letter the proposed plan was performance-based.And that it aimed to motivate Musk to continue leading Tesla for at least another seven-and-a-half years.She said Musk's leadership was "critical" to Tesla's success.Denholm added Musk's role was vital as Tesla looks to become a global leader in AI and autonomous driving technology.The proposed package would grant Musk 12 tranches of stock options tied to ambitious targets.It includes a market capitalization of $8.5 trillion and milestones in autonomous driving and robotics.Denholm's letter portrays the package as necessary to align Musk's incentives with shareholder value and long-term growth.Tesla's board has faced repeated criticism for not acting in shareholders' best interests.Tesla's board has been under scrutiny for years over its close relationship with Musk.A Delaware court struck down his 2018 pay deal earlier this year.It found it was improperly awarded and negotiated by directors who were not fully independent.
