By Theo Francis

Elon Musk isn't the only Tesla executive rewriting the compensation playbook. The electric carmaker's finance chief, Vaibhav Taneja, received a pay package of $139 million last year.

That's more than most CEOs and the highest amount paid to a chief financial officer since modern reporting began in 2006, according to Equilar. It eclipses the $86 million package that hydrogen-truck maker Nikola gave its then-CFO in 2020. Nikola filed for bankruptcy this year.

Taneja's compensation was tied to stock options and equity awards he received in October 2024 that recognized his promotion to CFO in August 2023. The 47-year-old has held other financial roles at Tesla since 2017.

Taneja's boss, meanwhile, is still working without a paycheck. Tesla's board has formed a special committee to review Musk's compensation. His pay has been tied up in legal fights since a multibillion stock grant was thrown out by a court. Tesla has appealed that decision.

Tesla's shares were trading near $250 at the time of Taneja's equity award, which vests -- or becomes fully Taneja's property to sell or exercise -- over four years. They closed around $342 on Monday.

The award came during a period of mixed results for Tesla. While the stock soared toward the end of the year following the election of President Trump, global vehicle deliveries fell for the first time in more than a decade. In the first quarter, deliveries fell 13% and net profit fell 71%.

Tesla and Taneja didn't respond to requests for comment. In an April 30 regulatory filing discussing the award, Tesla said it reviewed its compensation to reflect individual performance and retention in light of current equity awards.

Write to Theo Francis at theo.francis@wsj.com

(END) Dow Jones Newswires

May 20, 2025 05:30 ET (09:30 GMT)

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