特斯拉：公司正备战“无马斯克”时代

Core Viewpoint - Tesla's chairman Robyn Denholm indicated that if shareholders reject Elon Musk's compensation plan, the company may appoint a new CEO from within, ensuring an orderly transition [1][5]. Group 1: Compensation Plan and Shareholder Concerns - Denholm warned shareholders that if Musk's 10-year compensation plan is not approved, he might resign, leading to a loss of his vision and talent for Tesla [3]. - The proposed compensation plan includes challenging phased goals, where Musk could gain an additional 12% of shares, raising his total ownership to approximately 25% if all 12 targets are met [3]. - Notable advisory firms ISS and Glass Lewis recommended shareholders oppose Musk's compensation plan due to its substantial amount, lack of board independence, and significant dilution of shareholder equity [3]. Group 2: Uncertainty and Contingency Plans - As the shareholder meeting approaches, the likelihood of the compensation plan passing remains high, but Denholm emphasized the need for vigilance as investors often vote at the last moment [5]. - Denholm expressed concerns about passive investors following advisory firms' recommendations, indicating the necessity for the company to actively seek their support [5]. - The company has a "Plan B" ready if the vote fails, highlighting a strong management team with internal candidates like Tom Zhu, who have been groomed through various roles within the company [5][6]. - Denholm mentioned that there are "multiple different possible plans," including shared management structures, should the need arise [6].