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Vaibhav Taneja, the chief financial officer of Elon Musk-led Tesla, is in the news. The 47-year old Indian origin executive has garnered significant attention after his compensation details were revealed on Tuesday.Taneja received $139 million in 2024, which notably exceeds the pay of top tech leaders such as Microsoft’sSatya Nadella and Google’s Sundar Pichai!Sundar Pichai received a total compensation of $10.73 million from Alphabet, Google’s parent organisation, whilst Microsoft gave Satya Nadella $79.1 million in 2024.Experts have noted that the substantial sum of $139 million encompasses various forms of compensation beyond direct salary. Taneja’s basic salary at Tesla was $400,000 (Rs 3.33 crore). The remainder consisted of stock options and equity linked to performance metrics. When the equity benefits were realised, Tesla’s share price stood at $250.Also Read | Tesla India entry: Why Donald Trump has said it would be ‘very unfair’ for Elon Musk’s Tesla to set up a factory in India“For the year 2024, this headline figure included a cash remuneration of only $303,864,” said Dhruv Janssen-Sanghavi, international taxation expert and founder of Janssen-Sanghavi & Associates. “The other elements included an equity award and equity options. The value of these stocks on the day on which he acquires them over and above the discounted price he must pay for them would also count as his remuneration,” he told ET.
Who is Vaibhav Taneja ?
Vaibhav Taneja completed his Bachelor of Commerce from Delhi University in 1999, followed by chartered accountancy in 2000 and certified public accountancy in 2006. Following the acquisition of SolarCity by Musk in 2016, Taneja who worked in the former company transitioned to Tesla, beginning as an assistant corporate controller before advancing to his present position. Previously, he had 17 years of experience at PwC, working across India and the US offices.Since joining Tesla in 2017, Vaibhav Taneja rose through the ranks. He became chief accounting officer by 2019, and in 2023, assumed the role of chief financial officer, overseeing Tesla’s worldwide financial operations.
About Vaibhav Taneja
His tenure as CFO spans more than two years, during which he has significantly contributed to Tesla’s India-focused initiatives. In January 2021, he was designated as a director for Tesla India Motors and Energy Pvt. Ltd, the organisation’s Indian subsidiary.Following Zach Kirkhorn’s resignation, Taneja stepped into the CFO position. According to an industry expert, Taneja was clearly the most suitable candidate for the role, particularly given Tesla’s preference for internal promotions over external recruitment.Also Read | ‘Elon Musk doing amazing work, but…’: Why Sajjan Jindal believes Tesla won’t find it easy in IndiaNotably, Taneja isn’t the first person of Indian origin to serve as Tesla’s CFO. Deepak Ahuja held this position from 2017 to 2019, before transitioning to Verily Life Sciences. Currently, he serves as the CFO at Zipline, an American drone delivery company.“I worked with Vaibhav when he was the chief accounting officer, which was his last role before being elevated as the CFO,” said Manuj Khurana, vice president at Ather Energy, who worked at Tesla from 2020-22. “He was always very calm, collected and grounded and had absolutely no airs. His approach was always very practical and that is something that is extremely necessary in a place like Tesla where things can change overnight.His rise is very much of a function of his ability as well as Tesla’s meritocratic culture.”Taneja’s remarkable achievements have led to discussions about Indian-origin executives’ potential to excel beyond technology sectors in leading organisations, without necessarily possessing engineering qualifications, unlike the typical pattern observed with prominent leaders such as Pichai and Nadella.
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