CEO of Rivian, RJ Scaringe, was given a $4.6 billion pay package, Reuters reported on November 7th.
Scaringe will only receive the compensation if a series of stock and operating income milestones are reached over the course of several years.
The CEO’s base salary was also raised to $2 million a year, an increase from his former $1 million salary.
Scaringe’s pay package has received comparisons to Tesla CEO Elon Musk’s $1 trillion pay package.
Yonat Assayag, a partner at ClearBridge Compensation Group, a compensation consulting firm, said this about the comparison, “While Rivian may not be a direct copycat, there are definitely Elon Musk characteristics that are similar.”
Lead Photo by Mackenzie Marco on Unsplash