Rivian CEO RJ Scaringe Earns $5B Performance-Based Pay Package

Rivian's CEO RJ Scaringe Receives New Pay Package Worth Up to $5 Billion Rivian's founder and CEO RJ Scaringe has been granted a new performance-based stock award that could be worth up to $5 billion, according to a recent filing. This significant compensation package comes on the heels of Tesla's shareholders voting to approve a massive pay package for Elon Musk, worth a staggering $1 trillion, the largest in corporate history. Unlike Musk's pay package, which was subject to a shareholder vote, Scaringe's new award was issued by the compensation committee on Rivian's board of directors without the need for a shareholder vote. The new award is part of Rivian's 2021 equity incentive plan, which was already approved by the board of directors. Under this plan, Scaringe will receive a performance-based stock award that could be worth up to $5 billion if all the underlying goals are met. The award is tied to Rivian's stock price performance and is designed to incentivize Scaringe to drive the company's growth and success. In addition to the new stock award, Scaringe's salary has been doubled to $2 million per year. He has also been granted a 10% stake in Rivian's newest spinout, Mind Robotics. This move is seen as a strategic play by Rivian to leverage Scaringe's expertise and leadership in the electric vehicle (EV) space. Rivian's decision to grant Scaringe this new pay package is a significant development in the EV industry. With the company's stock price performance being a key factor in the award, it reflects the growing importance of EVs in the global automotive market. Rivian's R1T electric pickup truck and R1S electric SUV have been well-received by consumers and critics alike, and the company's stock price has responded positively to this momentum. Rivian's 2021 equity incentive plan, under which the new award was granted, was designed to incentivize key executives, including Scaringe, to drive the company's growth and success. However, the compensation committee on Rivian's board of directors decided to cancel a similar-sized performance award given to Scaringe in 2021 due to the unlikeliness that he could reach the goals required. The new award is seen as a fresh start for Scaringe, with a new set of goals and targets that are designed to drive Rivian's continued success. The EV industry is expected to continue growing in the coming years, driven by increasing demand for sustainable and environmentally friendly transportation options. Rivian's new pay package for Scaringe reflects the company's commitment to this growth and its confidence in Scaringe's leadership and vision. As the company continues to expand its product lineup and geographic presence, Scaringe's compensation package is seen as a key factor in driving Rivian's success and growth in the EV market.