Benzinga - by Anan Ashraf, Benzinga Editor.
Lucid Group Inc (NASDAQ:LCID) CEO Peter Rawlinson was the highest-paid automotive CEO in 2022 as per a survey, and Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has a word of caution about it.
What Happened: According to data from Equilar CEO Compensation Survey, Rawlinson’s total compensation touched $379 million in 2022, 11 times more than General Motors Co (NYSE:GM) CEO Mary Barra who had a total compensation of about $34 million. James Farley, CEO of Ford Motor Co (NYSE:F) ranks third among automaker CEOs in terms of their total compensation with $18 million.
Responding to the survey, Musk wrote, “Beware any company where leadership compensation is not linked to performance.” Rawlinson was formerly the chief engineer for Tesla‘s Model S.
Beware any company where leadership compensation is not linked to performance— Elon Musk (@elonmusk) September 4, 2023
In 2022, Lucid produced 7,180 vehicles, exceeding the 2022 annual production guidance of 6,000 to 7,000 vehicles, and delivered 4,369 vehicles. The company also reported an annual revenue of over $608 million.
Musk’s Pay Package: Musk, meanwhile, took no salary from the company in 2022. However, this is only because the CEO has taken no cash salary from the company since 2019 when he took $23,760.
Musk, instead, holds shares in Tesla and options that grant him the right to purchase more at a fraction of the price if the company hits particular financial targets.
As of the end of 2022, Musk owned more than 423 million shares of the EV maker, representing a 13.4% stake in the company. Tesla shares closed at $245 per share on Monday, up 19,041% since listing.
Musk is also presently the richest person in the world with a net worth of $248.8 billion as per Forbes‘s real-time billionaires list.
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