Tesla Board Opened Search for a CEO to Succeed Elon Musk
wsj.comGiven that Tesla was trying to set Musk's compensation at over 100 billion as of December[1], declaring their new CEO to be a rock and then not paying said rock would appear to be a solid interim strategy.
[1]https://www.investopedia.com/elon-musks-multi-billion-dollar...
Before everyone gets excited:
> The board narrowed its focus to a major search firm, according to the people familiar with the discussions. The current status of the succession planning couldn’t be determined. It is also unclear if Musk, himself a Tesla board member, was aware of the effort, or if his pledge to spend more time at Tesla has affected succession planning.
First thing a new sane CEO does is reset expectations so they're not blamed for not fulfilling all the fantasies Elon kept promising.
They can't do that or else the stock goes back to a sane p/e.
If your options are a sane stock price or plummeting profits, a sane stock price may be the wiser choice.
It'll do that anyway, the question is when not if.
Tesla board denies launching search for Musk's successor https://news.ycombinator.com/item?id=43854106
This would just confirm it further.
Took forever
They have no choice at this point without facing consequences, including personal liability, for failing their fiduciary responsibility to shareholders. The brand, currently, is toxic based on consumer polling and sales numbers. Even replacing him may not be enough to recover, if he continues to benefit from ownership of shares.
If anything it would be an utter bullshit CEO-in-name-only like the whatshername from XXX
Who would have the nerve to try to replace Elon as CEO? I think that's there's no way to "win", and making enemies of Elon is a horrible idea. I think Tesla is ride-or-die with Elon. There's no one who is both smart enough and stupid enough to try to take that job.
I agree, but there does need to be a successor in the coming years.
Everyone ages.
And often, the greatest leaders' biggest mistakes are not to pick and train a proper successor.
Alexander the Great, Charlemagne, Abraham Lincoln are just a few examples.
And Elon will still rule behind the shadow