Rivian CEO RJ Scaringe Lands $4.6 B Pay Deal With Profit Targets

Rivian just approved a new pay package for CEO RJ Scaringe that could be worth up to $4.6 billion over the next decade, and while it draws clear inspiration from Tesla’s famous Elon Musk deal, there are some big differences.

As Reuters reports, Scaringe’s new plan ties his payout not just to Rivian’s stock price but also to operating income and cash flow targets, adding a profitability focus that Musk’s package didn’t have. Scaringe will get options to buy up to 36.5 million shares at $15.22 each, but they only vest if Rivian’s stock climbs to between $40 and $140 and the company delivers on those financial goals.

Rivian also doubled Scaringe’s salary to $2 million and gave him a 10 percent potential stake in its new AI spinoff, Mind Robotics, showing how central he’ll be to both Rivian’s vehicle lineup and its tech future.

Source: Reuters