Tesla’s Chief Monetary Officer, Vaibhav Taneja, 47, obtained a $139.5 million pay package final yr.
The Wall Street Journal reported Tuesday that Taneja’s pay was the best ever recorded for a CFO since fashionable reporting began in 2006. The compensation consisted primarily of the inventory choices and fairness awards Taneja obtained in October 2024 due to his promotion to CFO in August 2023. It additionally included a base wage of round $303,000, in accordance with an April 30 filing with the U.S. Securities and Alternate Fee.
Compared, the median base pay for a Tesla analyst is $93,000, with median inventory grants of $20,000. Tesla employs round 120,000 employees globally, per CNBC.
Taneja has been with Tesla in varied monetary roles since February 2017, after working for practically 20 years at accounting agency PricewaterhouseCoopers and renewable power firm SolarCity.
Associated: ‘They Need to Expand’: Tesla’s Annual Sales Declined For the First Time in 2024. Here’s Why.
His compensation beat the earlier document set by Kim Brady, who obtained $86 million in pay in 2020 because the then-CFO of electrical truck firm Nikola. Brady retired from the function in March 2023. Nikola has lately encountered monetary difficulties, filing for bankruptcy in February after failing to boost extra funds or safe a purchaser.
Different CFOs in comparable corporations have been much less extremely compensated. Microsoft, which belongs to the Magnificent Seven group of high-performing tech corporations together with Tesla, awarded its 53-year-old CFO, Amy Hood, round $25.8 million in compensation final yr. One other Magnificent Seven firm, Meta, compensated its 39-year-old CFO, Susan Li, round $23.6 million in 2024.
Taneja obtained extra compensation in 2024 than his boss, Tesla CEO Elon Musk, who was not paid for his work final yr. Musk’s $56 billion compensation bundle was first accepted by shareholders in 2018 and relied on Musk main Tesla to hit a sequence of income, market cap, and operational milestones. Musk achieved the targets, however has not obtained his pay after a Delaware judge determined final yr that the compensation was unfair to shareholders. Musk appealed that decision in March.
Tesla CEO Elon Musk. Visible China Group by way of Getty Photographs
Taneja’s excessive pay contrasts with Tesla’s latest poor efficiency. Within the first three months of this yr, Tesla’s internet earnings plunged by 71% to $409 million in comparison with the identical time final yr. Tesla’s income additionally fell 9% to $19.3 billion, and its deliveries dropped 13% to 336,681 automobiles. The supply decline marked the largest quarterly drop in Tesla’s historical past.
Tesla shares have been up about 1.3% right this moment.
Associated: With Tesla Down 71% in Net Income, Elon Musk Says He’ll Spend Less Time at DOGE
Tesla’s Chief Monetary Officer, Vaibhav Taneja, 47, obtained a $139.5 million pay package final yr.
The Wall Street Journal reported Tuesday that Taneja’s pay was the best ever recorded for a CFO since fashionable reporting began in 2006. The compensation consisted primarily of the inventory choices and fairness awards Taneja obtained in October 2024 due to his promotion to CFO in August 2023. It additionally included a base wage of round $303,000, in accordance with an April 30 filing with the U.S. Securities and Alternate Fee.
Compared, the median base pay for a Tesla analyst is $93,000, with median inventory grants of $20,000. Tesla employs round 120,000 employees globally, per CNBC.
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