NEW YORK (CNNMoney) – The now former CEO of Twitter, Dick Costolo did not receive a golden parachute of the company as part of his resignation announced Thursday. But the happy investors have given a farewell gift of $ 11 million.
That’s because Costolo owns a large part of the shares and now they are worth much more. Twitter shares rose about 3% in the pre-market opening on Friday after the news of his departure quote.
Costolo currently has about 8.2 million stock options and 822.545 shares of stock, representing about 11.2 million dollars in new wealth.
In general, Costolo was not well liked by investors. Twitter shares lost nearly half their value since late 2013, shortly after obtaining its successful IPO, which is one of the reasons that Costolo was under pressure to resign.
Some company records indicate that Costolo apparently lost nearly 800,000 stock options for his departure from the company. But you will not be losing much in terms of pay for quitting his job. The signature files say his base salary was cut to $ 14,000 a year in August 2013, just before the IPO, and the company has not indicated whether increased their pay since, not show any transfer of shares or recent choices .
Much of his total compensation of $ 175.399 last year was in the form of benefits. He had a car service with estimated value of $ 32.250, more than double his salary and a security service for home valued at $ 127.757.
The president and co-founder of Twitter, Jack Dorsey, who will serve as interim CEO as the board searches for a new boss, will not receive any immediate compensation for his new position, but received a larger package by The rally in stocks. His holding increased to about 29 million dollars (about 447 million dollars) in previous transactions because he owns more shares.
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