Musk convinced his board to hand him a monster pay package—but that was before Tesla lost more than $500 billion in market value.

Tesla chair Robyn Denholm on Thursday denied a Wall Street Journal report that said board members had reached out to executive search firms to find a new replacement for CEO Elon Musk.

Robyn Denholm said the board is confident in Musk’s ability to “continue executing on the exciting growth plan ahead.”