EV maker Tesla (TSLA) announced today that Jack Hartung, the former President of Chipotle Mexican Grill (CMG), will join its board of directors on June 1. It is worth noting that Hartung has a lot of experience in the restaurant industry after serving as Chipotle’s CFO for 22 years before becoming President and Chief Strategy Officer. He also worked at McDonald’s Corporation (MCD) for nearly 20 years in various roles, including Vice President and CFO of its Partner Brands Group.
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Along with joining Tesla’s board, Hartung will also serve on the audit committee. While he is eligible for Tesla’s standard compensation package for outside directors, Hartung has decided to waive cash compensation for now. He also waived any equity compensation until the board makes further decisions on this. Interestingly, Tesla revealed that Hartung’s son-in-law has worked at Tesla since 2016 as a Service Technician and earned around $124,000 in 2024.
This move comes at a time when Tesla’s board is facing scrutiny over CEO Elon Musk’s compensation. As a result, a special committee has been formed in order to look at new ways of compensating Musk, especially after the controversy surrounding his $56 billion pay package. Nevertheless, despite shareholder concerns, Tesla’s board, led by Chair Robyn Denholm, has defended its actions by saying that the company is working in the best interest of its investors.
What Is the Prediction for Tesla Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 16 Buys, 10 Holds, and 11 Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $275.68 per share implies 20% downside risk.
