Jonathan Schwartz, named Sun Microsystems' new chief executive on Monday, has a base salary of $1 million, the server and software maker disclosed in a regulatory filing Thursday.
And that's just for starters.
Schwartz, 40, also has the possibility of a bonus of another $2 million; 2 million stock options that vest at the rate of 400,000 per year over five years; 800,000 restricted shares that will be granted if performance criteria are met; and 1.5 million restricted shares that he'll get upon staying for a year.
Also on his perk list is "private jet access for business and reasonable personal use" and coverage of personal security expenses. If he loses his CEO job, he'll be eligible to receive three times his salary, the filing said.
Schwartz, promoted from president and chief operating officer, also has new responsibilities as a new board member.
Schwartz replaced Chairman Scott McNealy as the leader of a company with a reputation as a computing industry visionary but one saddled by lackluster financial results. McNealy said he's been grooming Schwartz for years to take over as CEO and that the company now is poised for revenue growth.
McNealy also profited from the change. He'll get a $1 million salary starting July 1, with an option for a bonus of another $1.5 million; 2.1 million stock options vesting over five years; and 350,000 restricted shares awarded if performance criteria are met.
Corporate america is littered with execs making ridiculous salaries.. do you think this would be any different? While the grunts(managers included) fight for 3% raises, the hip 'C' level execs get insane salaries, bonuses and perks... We all complain about athletes and how their salaries should be based on performance, are these 'C' levels any different? Don't get me wrong, they should make the most of all the IT folk, but the gap between the highest and lowest paid shouldn't be a frigen canyon.. Base it on performance and their subordinates review of them and you won't see as much BS type issues going on in companies like this.. They need to earn this type of money and not just get it based on the text after their names...
Reviews by subordinates? Might as well base the salaries of so called 'C' levels on these anonymous web form postings. Hmm flamingmaiden doesn't like the CEO, lets withhold salary this year...
Anyways, the salaries of these people are already based on performance. Why do you think companies started to give such salaries - it was done in order to attract a certain caliber of people. Now that it's common practice you can't just stop. Pre-Thatcher UK had 90+% tax on the 'C' levels. So what happened? They all got the normal range salaries, except the company provided them a car+driver, a villa, dinners, and everything else. People who do these jobs will always be compensated that much more. Guess we could have gone to business school instead of studying to be IT staff.
"Corporate america is littered with execs making ridiculous salaries.. "
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
"Corporate america is littered with execs making ridiculous salaries.. "
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
This whole discussion about limiting profits, or in this case limiting salaries, is such a huge waste. And if it ever happened, it would be a scary thing. Who decides who makes too much money? If $2M a year is too much, then what about $1M? And if $1M a year, then what about $500,000?
The bottom line is this: limiting profits -- even PUNISHING companies due to profits -- is wrong. The government needs to get their greedy hands off of profits made by Big Oil, Big Software, Big Hardware, whatever. Punishing companies and individuals because they are successful reeks of socialism. We're not a socialist country.
If it were you making $2M a year, you'd be singing the same tune.
And speaking of the profit-taking, specifically for Big Oil, have a look at this:
The government is making the money, not the oil companies. I have the feeling they are also profiting quite nicely off of Mr. Schwartz's salary as well.
Corporate america is littered with execs making ridiculous salaries.. do you think this would be any different? While the grunts(managers included) fight for 3% raises, the hip 'C' level execs get insane salaries, bonuses and perks... We all complain about athletes and how their salaries should be based on performance, are these 'C' levels any different? Don't get me wrong, they should make the most of all the IT folk, but the gap between the highest and lowest paid shouldn't be a frigen canyon.. Base it on performance and their subordinates review of them and you won't see as much BS type issues going on in companies like this.. They need to earn this type of money and not just get it based on the text after their names...
Reviews by subordinates? Might as well base the salaries of so called 'C' levels on these anonymous web form postings. Hmm flamingmaiden doesn't like the CEO, lets withhold salary this year...
Anyways, the salaries of these people are already based on performance. Why do you think companies started to give such salaries - it was done in order to attract a certain caliber of people. Now that it's common practice you can't just stop. Pre-Thatcher UK had 90+% tax on the 'C' levels. So what happened? They all got the normal range salaries, except the company provided them a car+driver, a villa, dinners, and everything else. People who do these jobs will always be compensated that much more. Guess we could have gone to business school instead of studying to be IT staff.
"Corporate america is littered with execs making ridiculous salaries.. "
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
"Corporate america is littered with execs making ridiculous salaries.. "
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
This whole discussion about limiting profits, or in this case limiting salaries, is such a huge waste. And if it ever happened, it would be a scary thing. Who decides who makes too much money? If $2M a year is too much, then what about $1M? And if $1M a year, then what about $500,000?
The bottom line is this: limiting profits -- even PUNISHING companies due to profits -- is wrong. The government needs to get their greedy hands off of profits made by Big Oil, Big Software, Big Hardware, whatever. Punishing companies and individuals because they are successful reeks of socialism. We're not a socialist country.
If it were you making $2M a year, you'd be singing the same tune.
And speaking of the profit-taking, specifically for Big Oil, have a look at this:
The government is making the money, not the oil companies. I have the feeling they are also profiting quite nicely off of Mr. Schwartz's salary as well.
The problem is that a CEO's salary and overall compensation is usually set by the compensation committee, which is staffed from the Board of Directors. Has anyone ever looked at who make up the compensation committees (and the Board)? They are almost all former CEO's and friends and cronies of senior management!! They hang out at the same clubs and conferences and always manage to reward each other at compensation time. Rarely do members of the board ever represent the small shareholder, or even god forbid, the employees or local communities! Until the Boards of these large companies start containing more appropriate representatives, these ex-CEO's and 'buddies' will keep giving each other these insane compensation packages. And by the way, this is not their money to give away, it is the stockholders money!!!!!
...don't like the CEOs getting paid so much, why don't they complain about it and let their voices be heard on the matter? I don't hear them doing that. As long as the CEO is making money for the shareholders, they will pay him/her for a job well done.
The problem is that a CEO's salary and overall compensation is usually set by the compensation committee, which is staffed from the Board of Directors. Has anyone ever looked at who make up the compensation committees (and the Board)? They are almost all former CEO's and friends and cronies of senior management!! They hang out at the same clubs and conferences and always manage to reward each other at compensation time. Rarely do members of the board ever represent the small shareholder, or even god forbid, the employees or local communities! Until the Boards of these large companies start containing more appropriate representatives, these ex-CEO's and 'buddies' will keep giving each other these insane compensation packages. And by the way, this is not their money to give away, it is the stockholders money!!!!!
...don't like the CEOs getting paid so much, why don't they complain about it and let their voices be heard on the matter? I don't hear them doing that. As long as the CEO is making money for the shareholders, they will pay him/her for a job well done.
The two telecom carriers will carry a next-generation iPad running on the fast, next-generation wireless technology, sources tell The Wall Street Journal.
Google creates an animated doodle that features a boy, a girl, Google's search engine, and a jump rope. But might there be darker, more analytical, more troubling interpretations to this tale?
The Silicon Valley online payments startup grew by 1,000 percent last year and is hopeful it can repeat that level of growth this year. To do that, it's had to move away from its early friends-and-family roots and embrace small businesses.
Chamtech's spray-on antenna uses a nano material to provide a low-power boost to antenna range. The wireless-in-a-can product may some day bring an end to unsightly cell towers.
EnerG2 opens a plant to make an engineered carbon that will improve performance of energy storage devices and make storage for start-stop hybrid cars less expensive.
Just my 2-cents worth...
Anyways, the salaries of these people are already based on performance. Why do you think companies started to give such salaries - it was done in order to attract a certain caliber of people. Now that it's common practice you can't just stop. Pre-Thatcher UK had 90+% tax on the 'C' levels. So what happened? They all got the normal range salaries, except the company provided them a car+driver, a villa, dinners, and everything else. People who do these jobs will always be compensated that much more. Guess we could have gone to business school instead of studying to be IT staff.
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
The bottom line is this: limiting profits -- even PUNISHING companies due to profits -- is wrong. The government needs to get their greedy hands off of profits made by Big Oil, Big Software, Big Hardware, whatever. Punishing companies and individuals because they are successful reeks of socialism. We're not a socialist country.
If it were you making $2M a year, you'd be singing the same tune.
And speaking of the profit-taking, specifically for Big Oil, have a look at this:
<a class="jive-link-external" href="http://www.taxfoundation.org/news/show/1178.html" target="_newWindow">http://www.taxfoundation.org/news/show/1178.html</a>
The government is making the money, not the oil companies. I have the feeling they are also profiting quite nicely off of Mr. Schwartz's salary as well.
Just my 2-cents worth...
Anyways, the salaries of these people are already based on performance. Why do you think companies started to give such salaries - it was done in order to attract a certain caliber of people. Now that it's common practice you can't just stop. Pre-Thatcher UK had 90+% tax on the 'C' levels. So what happened? They all got the normal range salaries, except the company provided them a car+driver, a villa, dinners, and everything else. People who do these jobs will always be compensated that much more. Guess we could have gone to business school instead of studying to be IT staff.
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
Thats an asinine statement. Mr. Schwartz could leave Sun tomorrow, launch a startup, and cash out for x2 what he is earning now.
If you dislike the CEOs with leadership and vision who are actually creating momentum and direction, versus employees who just work enough to not get fired then go start your own company. Become the next google, but dont complain over jealously of another guys wallet.
The bottom line is this: limiting profits -- even PUNISHING companies due to profits -- is wrong. The government needs to get their greedy hands off of profits made by Big Oil, Big Software, Big Hardware, whatever. Punishing companies and individuals because they are successful reeks of socialism. We're not a socialist country.
If it were you making $2M a year, you'd be singing the same tune.
And speaking of the profit-taking, specifically for Big Oil, have a look at this:
<a class="jive-link-external" href="http://www.taxfoundation.org/news/show/1178.html" target="_newWindow">http://www.taxfoundation.org/news/show/1178.html</a>
The government is making the money, not the oil companies. I have the feeling they are also profiting quite nicely off of Mr. Schwartz's salary as well.