Executive Compensation
"FROM WIRE REPORTS
Saturday, May 11, 2002
SAN FRANCISCO -- ETrade Group Inc. Chairman Christos Cotsakos agreed Friday to relinquish his salary for the next two years and surrender other rich benefits in an effort to quell outrage over a compensation package that made him the brokerage industry's top-paid executive.
Cotsakos, who is also ETrade's chief executive officer, agreed to a more modest contract 10 days after the Menlo Park, Calif.-based company disclosed that it gave him a 2001 pay package valued at about $80 million.
Cotsakos's pay is the richest of the many benefits he has at ETrade. The online trading and discount brokerage firm also pays for security systems for his house and plane as well as for his tuition and flights to London to study for a doctoral degree in economics from the University of London. (He received the Ph.D. last week.)[snip]"
If memory serves me, there was a series of articles in the Globe and Mail a couple months ago about how executive compensation has held steady or gone up in spite of dismal company/stock performance. My heart doesn't bleed for these avaracious bastards but my wallet does.
vvv
Here's a creep who was virtually looting his company to feather his nest.clipper said:[snip]Many posts complained about overpaid CEOs as if that should preclude investment. This is largely a tech-stock issue. There's a few other abusers like Magna, but in general, a good CEO works hard and is not overpaid vis-a-vis some sports doofus.
[snip]
"FROM WIRE REPORTS
Saturday, May 11, 2002
SAN FRANCISCO -- ETrade Group Inc. Chairman Christos Cotsakos agreed Friday to relinquish his salary for the next two years and surrender other rich benefits in an effort to quell outrage over a compensation package that made him the brokerage industry's top-paid executive.
Cotsakos, who is also ETrade's chief executive officer, agreed to a more modest contract 10 days after the Menlo Park, Calif.-based company disclosed that it gave him a 2001 pay package valued at about $80 million.
Cotsakos's pay is the richest of the many benefits he has at ETrade. The online trading and discount brokerage firm also pays for security systems for his house and plane as well as for his tuition and flights to London to study for a doctoral degree in economics from the University of London. (He received the Ph.D. last week.)[snip]"
If memory serves me, there was a series of articles in the Globe and Mail a couple months ago about how executive compensation has held steady or gone up in spite of dismal company/stock performance. My heart doesn't bleed for these avaracious bastards but my wallet does.
vvv
