
And personal use of a "private jet"...
Published: 28 April 2006 16:15 GMT
Jonathan Schwartz, named Sun Microsystems' new chief executive on Monday, has a base salary of $1m, the server and software maker disclosed in a regulatory filing on Thursday.
And that's just for starters.
Schwartz, 40, also has the possibility of a bonus of another $2m; two 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 chief executive 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 Scott McNealy - now Sun chairman - as the leader of a company with a reputation as a computing industry visionary but one saddled by lacklustre financial results. McNealy said he's been grooming Schwartz for years to take over as chief executive and that the company is now poised for revenue growth.
Some investors have sharply disagreed with Sun's executive pay, objecting last year that "Sun's compensation system has the potential to reward mediocre performance".
McNealy also profited from the change. He'll get a $1m salary starting on 1 July, with an option for a bonus of another $1.5m; 2.1 million stock options vesting over five years; and 350,000 restricted shares awarded if performance criteria are met.
Stephen Shankland writes for CNET News.com
1 Functional Analyst with SAP SD / Stock Management / Transportation / ICB Business Process / Functional Specs / SmartForms / Testings / End users ...
I am looking for a highly experienced Business Analyst with an in depth understanding of the Securities business and previous project experience ...
Chief Technology Officer / Lead Developer (Ruby on Rails) Richmond, TW9 60,000 - 75,000 Plus Stock Options An opportunity has arisen for a Chief ...
Agenda Setters 2009
Welcome to the ninth annual Agenda Setters poll – silicon.com's list of the top 50 most influential individuals in the technology and IT industries, from techies and CIOs to entrepreneurs and business leaders. Find out more in our latest special report.
Power Solutions Article: High-Availability Virtualization with Dell EqualLogic Arrays...
Power Solutions Article:Â Power Solutions Article: Getting Started with Microsoft...
Customer Case Study:Â A L Filters
Solution Brief: Dell Equalogic PS Series Can Offer Robust, High-Availability Infrastructure...
Stories from the web...
Copyright © 2008 CBS Interactive Limited. All rights reserved. Top of page
Naked CIO Naked CIO: Social networks are useless for finding a job 'Quantity over quality' approach poisoning professional networks
Peter Cochrane Peter Cochrane's Blog: Uneconomics We must move away from short-termism to prevent next economic crisis