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Spotify announces CFO to leave, days after he cashed in $9.3M in shares
(www.theguardian.com)
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this post was submitted on 10 Dec 2023
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ha... let me get this straight.... they have to pay this exec millions of dollars with the justification being 'that is the cost of talent'
here the 'talent' 100% failed to turn the company around to turn a profit, but are out the door with their millions of dollars.. because of their 'talent'.
in the meantime, there are absolutely humans literally begging for food in america.
While laying off a significant chunk of employees at that.
You forgot the part where he gets hired somewhere else in the same or higher position because "C levels have to be willing to take risks" or something
Not quite. He sold his shares.
What do you mean "not quite"? Those shares were part of his compensation / pay. OP is exactly right -- tech executive gets paid millions regardless of actual performance (in this case very poor performance that likely resulted in him being shown the door). Meanwhile, there are folks in this country who can't afford shelter or a meal.
Next time Spotify should hire a homeless person as CFO for half as much as the ousted CFO. Same job performance results, but they'd save millions and actually do some good in the process.
I thought they were talking about an exit payment.
But if he is selling his remuneration shares, then that is different.
I guess more annoyed at the size of their remuneration.
"Golden Parachute"