Meltdown strikes again
By Rik Myslewski, 23rd March 2009
Intel will freeze the salaries of its top five officers for 2009 and restructure its stock-option plan, allowing employees to exchange their overpriced options. In the company's Schedule 14a preliminary proxy statement filed on Monday, the Board of Director's Compensation Committee stated that "Given Intel’s financial performance in 2008 as well as uncertainty in the global economic environment, the committee elected to keep base salaries and annual incentive cash baselines flat for all listed officers for 2009." Those "listed officers" are defined in the proxy as the "CEO, Chief Financial Officer (CFO), and three other most highly compensated executive officers in a particular year." This year, that would be Paul Otellini, President, CEO; Stacy Smith, VP and CFO; Andy Bryant, EVP, Finance and Enterprise Services and CAO; Sean M. Maloney, EVP and Chief Sales and Marketing Officer; and David Perlmutter, EVP and General Manager of the Mobility Group. Don't feel too badly for them, though. Total compensation for these five in 2008 came to $12.7m (£8.7m) for Otellini, $2.5m (£1.7m) for Smith, $5.5m (£3.8m) for Bryant, $5.3m (£3.6m) for Maloney, and $4.7m (£3.2m) for Perlmutter - although the latter, as noted in the proxy, is paid in Israeli sheckles, so he has those pesky currency-conversion rates to deal with.
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