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Nov 2007:30 AM PST
-08:30 AM PST
Learn what truly sets the UC Riverside MBA apart and how it helps in your professional growth
No, this is NOT a rant about how much execs are paid. I am not really bothered by all that. This is instead about the company where I work. All of this info is public (you can find it on yahoo finance) but I'd rather not name my company for fear of being googled. If you want to guess, feel free to private message me!
I work for a small (~150 person dot com company)We got a new CFO back in August 2007. He was a VERY poor fit for the company. It showed within a couple of weeks. Seriously, even the customer service folks noticed.
His salary was $200k, plus stock option goodies, etc that vest over 4 years. ($16,667 a month).
It was announced he was leaving the company as of march 31 2008 in mid Feb. Other high-level manager have made it pretty obvious he was "pushed" out.
He will have to give up the options, but don't feel too bad about it.
Today I see an announcement (publicly available on yahoo finance) that he will be paid 2 months salary on his last day in exchange for (paraphrasing) "continuing to do his job until the last day. He has not been in the office since the announcement in mid feb.
He did not accrue 6 weeks of vacation in 6 months.
This means that in march he is being paid $50k (16,667 + $33k [2 months salary]) to NOT COME TO WORK.
My last day at work will be may 30th (already told my employer). I *WILL* be working until that day. Perhaps I should ask for $33k in additional to my normal pay for coming to work in May? I would imagine my completing menial tasks is more valuable to the company than his sitting at home watching judge judy?!?!
Hell, I would even compromise and take triple MY pay ($4500 + $9k [2 months salary]) .
For a split second (out of PURE ANGER) I thought of proposing this to the CEO. Of course I thought better as then my poor poor self will be "pushed out" just like the CFO. Oh, except that I won't get the extra $33k gift.
Thoughts/Comments?
Cheers.
I work for a small (~150 person dot com company)We got a new CFO back in August 2007. He was a VERY poor fit for the company. It showed within a couple of weeks. Seriously, even the customer service folks noticed.
His salary was $200k, plus stock option goodies, etc that vest over 4 years. ($16,667 a month).
It was announced he was leaving the company as of march 31 2008 in mid Feb. Other high-level manager have made it pretty obvious he was "pushed" out.
He will have to give up the options, but don't feel too bad about it.
Today I see an announcement (publicly available on yahoo finance) that he will be paid 2 months salary on his last day in exchange for (paraphrasing) "continuing to do his job until the last day. He has not been in the office since the announcement in mid feb.
He did not accrue 6 weeks of vacation in 6 months.
This means that in march he is being paid $50k (16,667 + $33k [2 months salary]) to NOT COME TO WORK.
My last day at work will be may 30th (already told my employer). I *WILL* be working until that day. Perhaps I should ask for $33k in additional to my normal pay for coming to work in May? I would imagine my completing menial tasks is more valuable to the company than his sitting at home watching judge judy?!?!
Hell, I would even compromise and take triple MY pay ($4500 + $9k [2 months salary]) .
For a split second (out of PURE ANGER) I thought of proposing this to the CEO. Of course I thought better as then my poor poor self will be "pushed out" just like the CFO. Oh, except that I won't get the extra $33k gift.
Thoughts/Comments?
Cheers.
24 Mar 2008, 19:20
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Ha! That story actually reminds me of one of the reasons I'm going to business school in the first place:
I have a friend who I run with who is about 3 years older than me (early 30's). He works in asset management. In late 2005 he left his job as a managing VP with a boutique asset management firm that was heavily invested in Mortgage Backed Securities, CMOs, CDOs. When he left he was required to sell his share of ownership in the firm (he was not a partner, it was some kind of S Corporation). This was before the real estate bubble burst, so the company was doing really well and he sold his shares for the equivalent of about 1 years salary.
He took about eight weeks off after he quit, because before he left he had lined up a job with another asset manager with a similar portfolio (heavy in real estate related stuff). He received three months salary as a signing bonus. During his eight week vacation between jobs, the $h*t started to hit the fan in the sub-prime market. Turns out his new employer was hit pretty bad and his position ended up evaporating. To make up of the inconvenience of being laid of before he had worked a single day, my friend was offered six months severance pay by his new employer.
A month later he was back working for his old firm with a raise. If he had stayed with his original employer instead of going on vacation not only would he not have gotten the raise, but his shares in the company would have been nearly worthless. All in all he ended up receiving roughly 1 3/4 years pay for taking a three month vacation.
You don't see those kind of perks as an engineer.
I have a friend who I run with who is about 3 years older than me (early 30's). He works in asset management. In late 2005 he left his job as a managing VP with a boutique asset management firm that was heavily invested in Mortgage Backed Securities, CMOs, CDOs. When he left he was required to sell his share of ownership in the firm (he was not a partner, it was some kind of S Corporation). This was before the real estate bubble burst, so the company was doing really well and he sold his shares for the equivalent of about 1 years salary.
He took about eight weeks off after he quit, because before he left he had lined up a job with another asset manager with a similar portfolio (heavy in real estate related stuff). He received three months salary as a signing bonus. During his eight week vacation between jobs, the $h*t started to hit the fan in the sub-prime market. Turns out his new employer was hit pretty bad and his position ended up evaporating. To make up of the inconvenience of being laid of before he had worked a single day, my friend was offered six months severance pay by his new employer.
A month later he was back working for his old firm with a raise. If he had stayed with his original employer instead of going on vacation not only would he not have gotten the raise, but his shares in the company would have been nearly worthless. All in all he ended up receiving roughly 1 3/4 years pay for taking a three month vacation.
You don't see those kind of perks as an engineer.
24 Mar 2008, 19:32
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WOW.. what a story.
As an engineer, all you see is the BROKEN coffee machine in your office and the laid off/hours reduced hourly employees. All while some dufus they never should have hired makes $1,600 a day watching telenovelas in an attempt to learn spanish.
(That settles it. every time I mention this guy I will try to find a new way to quantify how much he is paid, and speculate on what he is doing with his time).
As an engineer, all you see is the BROKEN coffee machine in your office and the laid off/hours reduced hourly employees. All while some dufus they never should have hired makes $1,600 a day watching telenovelas in an attempt to learn spanish.
(That settles it. every time I mention this guy I will try to find a new way to quantify how much he is paid, and speculate on what he is doing with his time).
