.. and he's leaving with roughly an additional ~$28,000,000 gross worth between his salary and stock incentives.
Won't name the company, but probably easy enough for someone to Google with CEO announced their retirement today.
Since he was brought on board, the majority of our departments at the company have been trimmed down with layoffs, have gone two or more years without raises due to “Covid”, and are headed in tomorrow to listen to the townhall praying we are not delay-furloughed due to the recent UAW strike like we were during the GM strike years ago. ('Laid off' for the week of Thanksgiving and the week after Christmas).
Heard a few of our 20+ year veteran guys talking about the CEO leaving and how much he made between his salary and the stocks he was awarded for accepting the position. Figured they were just exaggerating because how could someone make that much money as a filler CEO for five years. Decided to Google it and had my mind blown.
His yearly salary: Somewhere between $918k – $950k depending on the source (Low end roughly $4,590,000 total for the 5 years). Not including an $800,000 bonus in 2019.
He made three significant company stock cash-outs in the first quarter of this year, totaling just over $2,800,000.
He has roughly 599,577 units of the company common stock remaining, which would be $21,000,000 theoretically if sold at todays market price.
Like, what the fuck does a CEO bring to the table in five years that justifies this?
Most of us are hoping we see even close to a 3% raise this year and this guy got a bonus in a single year that is the equivalent of 12 years of my base salary.
Shit is bananas to think about this is just one CEO at a company that is probably not even in the top 1000 in the world.