Tesla stock higher as Chipotle president Jack Hartung added to the board

Updated Fri, May 16, 2025, 5:41 AM 2 min read

Tesla (TSLA) shares are connected the determination aft the EV-maker added Chipotle president Jack Hartung to its committee of directors.

Hartung volition beryllium the ninth subordinate of Tesla’s committee and volition articulation the institution connected June 1st. Hartung volition discontinue from his relation astatine Chipotle (CMG) connected the aforesaid time and modulation to elder advisor relation astatine the Mexican accelerated casual chain. Hartung besides serves connected the boards of Portillo’s, The Honest Company, and ZocDoc.

Tesla said Hartung volition besides articulation the Audit Committee of the Board.

Tesla shares were up successful pre-market trading, poised for different large week of gains of implicit 20%.

Tesla’s committee has been nether occurrence precocious for disapproval implicit its independence, compensation, and its dealings with CEO Elon Musk.

This week the Financial Times reported Tesla's committee had formed a peculiar committee to research a caller wage bundle for Musk, with banal options perchance connected the table. The committee volition research "alternative ways" to compensate Musk for past enactment should Tesla neglect to reinstate Musk's anterior 2018 wage package, which is connected entreaty with the Delaware Supreme Court.

The bruising conflict implicit Musk’s wage led to respective ample shareholders complaining implicit the exorbitant magnitude Musk would beryllium paid - $56 cardinal - and Musk’s menace that helium would instrumentality projects similar AI distant from Tesla unless helium received much banal options.

Recently, seat Robyn Denholm refuted a Wall Street Journal report that the committee was looking for replacements for Musk and had told Musk to instrumentality to Tesla successful bid to reassure investors.

Denholm, who's sold a whopping $538 million successful Tesla banal since she joined the committee successful 2014, has been questioned by investors astir her ain compensation. The committee besides settled a suit brought by shareholders and had to wage backmost millions successful compensation.

Pras Subramanian is simply a newsman for Yahoo Finance. You tin travel him on X and on Instagram.

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