Coinbase's Chief Product Officer Will Leave With a $105 Million Payday 25
When Surojit Chatterjee logs out on his final day as chief product officer at Coinbase on February 3, he will have made a whopping $105 million from stock sales. From a report: According to disclosures filed with the Securities and Exchange Commission, the former chief product officer will also retain a further 249,315 shares of COIN stock, worth another $7.6 million. (Our estimates are based on the closing price of Coinbase stock, at $49.42 per share, on Friday, January 20, after the exercise price, which was $18.71.) Chatterjee joined San Francisco-based Coinbase from Google in February 2020 on a salary of just under $1 million per year, the filings show.
All told, he has earned about $115 million since joining the company. DL News' estimate of Chatterjee's total compensation was checked with two sources who have expertise in executive compensation: Rosanna Landis Weaver, a senior manager at As You Sow, a shareholder advocacy group; and Paul Hodgson, a senior advisor and compensation expert with corporate data house Esgauge. Chatterjee's earnings are high, even as pay packages soar among high-ranking executives. For comparison, the CEO of Ford Motor earned less than a quarter of that in the same period, and Ford's revenues are five times the size of Coinbase's. A study conducted by Equilar and The New York Times found that eight CEOs were awarded more than $200 million in 2021, with two earning packages above $500 million.
All told, he has earned about $115 million since joining the company. DL News' estimate of Chatterjee's total compensation was checked with two sources who have expertise in executive compensation: Rosanna Landis Weaver, a senior manager at As You Sow, a shareholder advocacy group; and Paul Hodgson, a senior advisor and compensation expert with corporate data house Esgauge. Chatterjee's earnings are high, even as pay packages soar among high-ranking executives. For comparison, the CEO of Ford Motor earned less than a quarter of that in the same period, and Ford's revenues are five times the size of Coinbase's. A study conducted by Equilar and The New York Times found that eight CEOs were awarded more than $200 million in 2021, with two earning packages above $500 million.
And people talk about "value destroyed" (Score:4)
It's not destroyed. It's just with someone else.
if you don't like it (Score:4)
If you don't like the idea that companies don't reinvest revenue and instead blow capital by showering executives with cash. Then seriously consider not investing in those companies, I think a rational argument can be made that their behavior isn't sustainable long-term. Of course I'm speaking generally, of course a ponzi-scam like Coinbase doesn't have any long-term prospects.
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They have long term prospects. Either fleeing to non extradition countries or prison time, long term.
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I stand corrected. Seem to work for Ruja "Cryptoqueen" Ignatova. She's smarter than any of these guys because she scored the most points ($$$).
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Indeed, she's my sort of crypto anti-hero. Just pure raw blatant in your face no bullshit flat out fraud. Then ran for it with $4b in her purse. Never going to be seen again and likely no one seriously looking for her, either.
Mediocre Exec Leaves and Makes a Ton of Money (Score:3, Insightful)
... Film at 11.
Seriously - there is absolutely no accounting at the top of the ladder. Look a the payday that Disney clown made after around only three months of 'service'.
Where do I sign up to get a big-fat payout for royaly f'ing up the job I was hired to do?
Re:Mediocre Exec Leaves and Makes a Ton of Money (Score:5, Informative)
For those who don't know, Geoff Morrell [yahoo.com] worked at Disney from late January to late April in 2022. For those three months he received $8.7 million in compensation, which was salary, sign-on bonus, stock awards, and option awards. Averaged out, he made $120,000 per day for his time.
Nothing succeeds like failure when it comes to C suits.
Re:Mediocre Prime Minister (Score:3)
Of course he will. (Score:5, Insightful)
Liquidate and take the cash, as quickly as you can. The guy is not stupid. If he believed in the future of the stock and the "product" he might not have sold the vast bulk of it before departure. He doesn't. And neither should anybody else.
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That's true of EVERYTHING with value. The cash your in bank could be worthless tomorrow. Timing is key.
If you sold your thousands of "worthless" Bitcoins back in 2010 then you're a damn fool.
This guy bought in at a good time and sold out at a good time. Like any trading. Doesn't mean it won't be worth even more later, just like it was when he initially started at 0.
People have been calling the death of cryptocurrency for over 14 years yet it has only gone up in value. Yes, it could evaporate tomorrow just l
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"yet it has only gone up in value"
I'd sure like to see your data. Seems like you might be cherrypicking. Even bitcoin is down 65% from its peak.
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68k to 22k is not 'up'.
You need a new investment advisor.
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You seem to be agreeing with me. He's liquidating his holdings because he thinks the timing is right - that there isn't a clear upside. He sees the writing on the wall. 95% or more divestiture isn't done if you think there's a future. It might go up now, but he doesn't think it will.
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Liquidate and take the cash, as quickly as you can. The guy is not stupid. If he believed in the future of the stock and the "product" he might not have sold the vast bulk of it before departure. He doesn't. And neither should anybody else.
Yeah, I notice he's getting actual real money from stock sales, not "$105 million 'worth' of cryptocurrency" which he might or might not actually be able to liquidate into $105 million worth of actual useable money which he can buy expensive shit, not NFT's, with.
Ponzi (Score:2)
How is this not a Ponzi?
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Now what can he do with that $100 million ? (Score:1)
Failing that, I picked up some pet rocks here that I'm now forced to offload...
Or maybe
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Dude, you're barking up the wrong tree. He's the con artist, not the dupe.
Trickle up theory (Score:2)
If we muggles are on a big failed project we're usually shown the door with minimum severance pay allowed by law. If the fat cats fail, they get a big golden parachute. Those who say taxes sap incentives to do better should also focus on golden parachutes. If I got millions even if I failed, I think I'd definitely feel less pressure to succeed.
Oligarchs aren't only Russians?! (Score:3, Funny)
If I was a head crypto bro (Score:2)
Payment options. (Score:1)