Battles over CEO pay across the globe
May 31 (Reuters) -Tesla TSLA.O shareholders will vote on CEO Elon Musk's $56 billion pay package on June 13that a Delaware judgevoided in January, calling the sum"unfathomable" and because she found the billionaireimproperly controlled the process.
Musk's proposed pay package, the largest in corporate America,has no salary or cash bonus and sets rewards based on Tesla's market value rising to as much as $650 billion over the next 10 years from 2018.
Here are a few other CEO pays that have faced a tough fight:
Year | Company | Description |
2023 | BP BP.L | Former CEO Bernard Looney had more than $40 million cut in his compensation after the British oil giant concluded he misled the board over personal relationships with colleagues. |
2021 | McDonald's MCD.N | Former CEO Steve Easterbrook agreed to return compensation worth $105 million in equity awards and cash to settle a lawsuit over alleged lies about affairs. |
2019 | CBS | CBS Corp fired Leslie Moonves for cause and denied a $120 million severance package after the former chief executive was accused of sexual harassment and assault that allegedly took place before and after he joined the company. |
2017 | Uber UBER.N | Travis Kalanick, Uber's co-founder and CEO, was forced to resign after a series of scandals plagued the company, including allegations of sexual harassment and a toxic workplace culture. Shareholders later sued the board, alleging it failed to properly oversee Kalanick and allowed the scandals to happen. |
2017 | Equifax EFX.N | After a massive data breach exposed millions of customers' personal information, Equifax's CEO received significant criticism for his handling of the crisis and a hefty bonus. Shareholders filed suit alleging the board failed to properly oversee the CEO. |
2016 | ViacomVIACOM.UL | A shareholder lawsuit claimed that Viacom and CBS Corp's Executive Chairman Sumner Redstone was improperly paid millions though "he was physically and mentally incapacitated". |
2011 | Occidental Petroleum OXY.N | CEO of Occidental Petroleum Ray Irani, was criticized for excessive pay after his compensation grew 40% in 2009 to $31.4 million. Shareholders pushed for board seats. |
2002 | Worldcom | After an accounting scandal that led to financial fraud, shareholders sued the company over excessive compensation awarded to executives, including the CEO. |
Reporting by Priyanka.G in Bengaluru; Editing by Aditya Soni and Devika Syamnath
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
