Tesla brings in seasoned executives from the food and beverage industry, with veterans from Chipotle and McDonald's joining the board
Tesla announced that Jack Hartung has been appointed as a member of the company's board of directors and as a member of the audit committee, effective June 1. Hartung previously served as Chief Financial Officer at Chipotle and has nearly 20 years of management experience at McDonald's. He has waived cash compensation and agreed not to accept equity incentives prior to the equity incentive resolution. Tesla's stock price rose 1.12% following the announcement
According to Zhitong Finance APP, Tesla (TSLA.US) disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that Jack Hartung has been appointed as a member of the company's board of directors and as a member of the audit committee, with his term officially starting on June 1.
Hartung is a seasoned executive in the restaurant industry, best known for his innovative contributions to the Mexican grill chain Chipotle (CMG.US). He served as Chipotle's Chief Financial Officer for 22 years before being promoted to President and Chief Strategy Officer. Prior to joining Chipotle, Hartung spent nearly 20 years at McDonald's (MCD.US), holding various management positions, ultimately serving as Vice President and Chief Financial Officer of the Partner Brands Group.
Currently, Hartung also serves on the boards of The Honest Company (HNST.US) and the medical appointment platform Zocdoc (ZDOC.US), known for his mentorship and support of growth-oriented companies.
According to the standards previously approved by Tesla's board of directors, Hartung is entitled to the regular compensation package for external directors. However, Hartung has voluntarily waived cash compensation (until further notice to Tesla) and has agreed with other board members to not accept equity incentives until the board makes a new resolution regarding equity incentives.
It is noteworthy that Hartung's son-in-law has been a non-executive salaried employee at Tesla since December 2016, currently serving as a Service Technician. His total compensation for the fiscal year 2024 (including the value of equity incentives) is approximately $124,000, which is determined based on Tesla's compensation standards for employees with similar qualifications, responsibilities, and positions.
After the news was announced, Tesla's stock price rose 1.12% in pre-market trading on Friday, reaching $346.66, with the current stock price range over the past 52 weeks being $167.41 - $488.54
