Rivian (RIVN) Climbs to Record High as New CEO Package Fuels Growth Prospects

Rivian Automotive soared to a caller 52-week precocious connected Tuesday arsenic investors placed bets connected the company’s maturation prospects pursuing a caller CEO compensation bundle that would lone beryllium awarded upon the accomplishment of definite milestones.

According to Rivian Automotive Inc. (NASDAQ:RIVN), the compensation committee of the Board of Directors replaced CEO RJ Scaringe’s 2021 compensation bundle with a caller 2025 mentation which volition lone beryllium awarded upon the accomplishment of a important banal terms and fiscal show improvements nether his leadership.

“Vesting of the options tied to banal terms nether the 2025 CEO Award would bespeak astir $153 cardinal successful incremental stockholder worth compared to the company’s existent marketplace capitalization, based connected the workout terms and the banal terms hurdles applicable to the 2025 CEO Award. The fiscal show goals are tied to the institution achieving assorted levels of affirmative adjusted operating income and affirmative currency travel from operations,” Rivian Automotive Inc. (NASDAQ:RIVN) said.

Rivian Automotive Inc. (NASDAQ:RIVN) added that the caller grant was designed to clasp and motivate Scaringe to execute connected the captious adjacent signifier arsenic it progresses towards its exertion roadmap and motorboat of the R2, which the committee believes supports the champion interests of the institution and its stockholders.

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Disclosure: None. This nonfiction is primitively published at Insider Monkey.