Luxury EV maker Lucid Group Inc LCID, on Thursday, said that its board approved a $6 million cash bonus for its CEO Peter Rawlinson, a move that rival CEO Elon Musk deems is inversely proportionate to his performance.
What Happened: In an 8-k filing with the U.S. Securities and Exchange Commission, Lucid said that the $6 million cash bonus is to recognize the CEO’s contributions to unveiling the Lucid Gravity SUV at the Los Angeles Auto Show in November. The Gravity is the second vehicle from Lucid after its Air sedan.
“His comp is inversely proportionate to performance!,” Musk wrote on X. The Tesla CEO was responding to a Tesla enthusiast who said jokingly that he would buy 10 shares of Lucid and become a minor shareholder only to sue the company for “massively overpaying” the CEO.
Rawlinson And Musk: Musk has taken multiple jabs at Raawlinson’s pay before too. “Beware any company where leadership compensation is not linked to performance,” Musk said in September over Rawlinson’s 2022 pay.
According to data from the Equilar CEO Compensation Survey, Rawlinson's total compensation reached $379 million in 2022, which is 11 times more than the package of General Motors Co CEO Mary Barra, whose total compensation was approximately $34 million. James Farley, CEO of Ford Motor Co, ranks third among automaker CEOs in terms of total compensation with $18 million.
Rawlinson was formerly the chief engineer for Tesla‘s Model S.
Price Action: Lucid shares closed up 5.2% on Thursday at $3.63. However, shares have dropped 65.9% over the past year, according to data from Benzinga Pro.
Photo by Gage Skidmore on Flickr
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