Tesla shareholders will vote on CEO Elon Musk’s $56 billion pay package on June 13 that a Delaware judge voided in January, calling the sum “unfathomable” and because she found the billionaire improperly 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:
2023: BP
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
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
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
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: Viacom
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
CEO of Occidental Petroleum Ray Irani, Petroleum 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.
—Priyanka G., Reuters