Rivian's CEO Scaringe receives new compensation plan linked to profit targets
"Tesla's strong competitor" Rivian Automotive announced that it has replaced CEO RJ Scaringe's previous compensation plan with a larger stock award. This new plan will only be realized if the electric vehicle manufacturer meets new profit targets and achieves a reduced stock price milestone. Including the exercise cost, the value of this compensation plan will exceed $4.55 billion. Under the new plan, Scaringe will receive options to purchase up to 36.5 million shares of Rivian Class A common stock, which is about 16 million shares more than the options he previously received, with an exercise price of $15.22 per share
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