Rivian has approved a new pay package for CEO RJ Scaringe that could be worth up to US$4.6 billion over the next decade if certain performance goals are met.

The package includes stock options that will vest only if the company hits share price targets from US$40 to US$140 and meets new operating income and cash flow milestones within seven years.

Scaringe’s base salary was also doubled to US$2 million.

This move follows Tesla’s record-setting CEO pay package, with Rivian’s board saying the changes aim to align executive compensation with shareholder returns.

Scaringe was also granted units in Mind Robotics, a Rivian spinoff, giving him a potential 10% economic interest in that business.

🔗 Source: Reuters

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