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how much top managers of the largest companies receive
The head of the technology giant Apple Tim Cook, who receives 1.
2 thousand times more bonuses than the average employee of the company, asked to halve the remuneration for his work by the end of 2023. So, the billionaire will earn only $49 million this year, according to a document filed on Thursday with the Securities and Exchange Commission (SEC).
Share payouts account for $83 million of $9 in 20229.4 million earned by Cook. But by the end of 2023, this type of remuneration will be limited to $30 million and will directly depend on the dynamics of the share price.
The scandal over payments to Cook was only the latest in a series of similar cases. Kursiv recalled other examples of how the leaders of large companies received unreasonably large salaries and bonuses, which caused the anger of subordinates, investors and everyone around them.
Musk could earn up to $56 billion in bonuses…
In 2018, the management of electric vehicle manufacturer Tesla decided to pay founder and CEO Elon Musk a $56 billion stock option package in the company.
This amount, according to shareholder Richard Thornetta , is enough to satisfy Musk’s personal ambitions. for the colonization of Mars.
Many companies use options on their own shares to reward employees or top managers. Those get the opportunity to buy the employer’s securities at a predetermined price, which, as a rule, is lower than the market price. You can use options only after they are vested and become full-fledged derivatives. Vesting occurs when the option holder meets the necessary conditions, such as length of service in the company and the achievement of professional results.
Thornetta, dissatisfied with the size of Musk’s bonus, went to court and expects to cancel the payment, which he calls the largest in the history of public companies. A Tesla shareholder is trying to prove that the businessman acted in bad faith and took advantage of a dominant position on the board of directors to get a record bonus. Already during the preliminary process, it became known that Musk, who holds senior positions in five companies at once, was not even required to work at Tesla full time.
The position of Musk’s lawyers is that the board of directors of such a large company had all the necessary competencies and powers to correctly calculate the amount of a fair remuneration. It is expected that the lawsuit will go to court in mid-January, after which a full-fledged trial will begin. The decision on the case must be made within three months.
… But, according to ex-girlfriend, lives below the poverty line
A huge bonus, which has become the subject of a fierce dispute, can replenish the already impressive fortune of the Mask. Forbes magazine estimates it at $146 billion, although last year was a serious test for the founder of Tesla: he lost about $200 billion due to increased stock market volatility.
The businessman himself tries to maintain the image of a modest person and likes to talk about his asceticism. Divorcing his first wife in 2008, Musk said that his entire capital consists of Tesla, SpaceX and SolarCity securities.
“My financial situation is very limited. About four months ago I ran out of money,” he said in court during the divorce proceedings.
In another court case, when the billionaire became a defendant in a libel suit in 2019, his lawyer said that Musk was “financially illiquid” and therefore unable to pay compensation to the plaintiff. According to The Wall Street Journal, the businessman had over $500 million in outstanding loans as of February 2020.
In a resonant interview last year, Musk said that he does not have permanent housing and often uses the couchsurfing service, which allows him to stay overnight with people who are ready to receive guests. “If I travel to the Bay Area [San Francisco], where most of Tesla’s engineering departments are, I mostly stay in friends’ spare rooms. I don’t have a yacht. I don’t take vacation. My personal consumption is not that big. The exception is the plane, but if I don’t use it, I will have less time to work, ”the billionaire shared during an interview.
Additional details about the life and life of the billionaire were shared by his former companion, the famous singer Grimes : “Bro [the singer refers to the Mask as a bro] didn’t even buy a new mattress. Bro doesn’t live like a billionaire. Bro lives below the poverty line at times. To the point where I asked him if we could not live in a very precarious $40,000 house where the neighbors film us, where there is no security, and I eat peanut butter for the eighth day in a row.
$50 million to $2.29billion
Clearly exaggerated bonuses to management are not uncommon among electric vehicle manufacturers. In 2021, two American companies attracted the attention of analysts and the public at once. The head of Rivian Automotive , Robert Scaringe , received a reward of $2.29 billion. Despite this, the billionaire’s fortune decreased from $3.4 billion to $600 million. The fact is that the bonuses were issued in the form of shares, and their value dipped by 79 ,4%.
Head of Rivian competitor Lucid Motors Peter Rawlinson received a $556 million premium. It consisted of two option packages: 13.8 million shares vested over 4 years and 16 million shares vested over 3 years.
Representatives of other industries also stood out. Sue Nabi , CEO of cosmetics company Coty, received $283.79 million in shares in 2021. Bloomberg called such an award the largest in the history of the beauty industry. Nabi led the company during a crisis for Coty in 2020. Since then, the value of its shares has grown 2.7 times.
CEO of online retailer Amazon Andy Jesse was awarded $210 million in stock options. It will be possible to use them in 10 years. His colleague from Microsoft , Satya Nadella , earned about $50 million in 2021, which is half the bonus of the culprit of the most recent scandal, Tim Cook.
How much does Wall Street pay
Record bonus on the occasion of Christmas in 2006 was paid by Morgan Stanley.
The then CEO of Company John J. Mack received $40 million. Thus, Morgan Stanley broke the record of Goldman Sachs, which paid bonuses of $38 million a year earlier.
Prior to the 2008 financial crisis, trader Adam Levinson received a $300 million bonus from Fortress Investment Group. The reward was based on loyalty – the management hoped to keep the trader from leaving for his own project. As it turned out later, the measure was useless: Levinson quit Fortress and founded Graticule Asset Management Asia.
Bonuses as an instrument of competition for the best employees
In Europe, before 2014, they also paid big rewards. In 2013, the European Banking Authority discovered that a bank employee in the UK received a bonus of $22 million, many times his annual salary of $1.3 million.
The first consequence of this step was the growth of wages in several EU countries at once. But even it was not enough to keep the best workers.
Experts note that many of them are poached by competitors outside of Europe, and this trend is most pronounced in the banking sector, where American players are most active. In 2019year, a recruiting consultant from a European country, on condition of anonymity, told reporters that the largest US banks, including Goldman Sachs and J.P. Morgan are more popular among candidates. They are chosen 30-40% more often than British Barclays, German Deutsche Bank and Swiss UBS.
Another important factor is the willingness of US banks to pay premiums in cash rather than in stocks or stock options. Many employees still prefer this method of payment, despite the fact that remuneration through options is considered a popular and progressive way to ensure the employee’s interest in the common cause and increase his loyalty to the company.
“It’s incomparable. A vice president or chief executive at a US bank is guaranteed to receive a cash bonus, unlike a European bank where payments are mostly deferred or made in shares,” the source told reporters.
The adoption of a resonant law did not force European companies to completely abandon large spending on bonuses and bonuses. But the number of high-profile cases is gradually decreasing.
Scandals in the post-Soviet space
Companies from the CIS countries, including state-owned ones, also like to pay their managers solid bonuses, the size of which often raises questions from observers. In the summer of 2020, information began to spread in social networks about the payment of 267.3 million tenge to top managers of Housing Construction Savings Bank (now Otbasy Bank). The head of the credit organization , Lyazzat Ibragimova , had to justify herself and explain the size of the amount by the fact that it includes salary, bonuses, medical benefits, vacation, travel and sick leave.
The Russian government in 2006 conceived a reform under which only the most distinguished employees could count on remuneration in state-owned companies.
The amount of bonuses, as conceived by the authors of the initiative, was supposed to depend on the results of the year and the achievement of pre-set targets – both corporate and personal.
Innovations were never implemented. Moreover, in subsequent years, state-owned or state-owned banks became leaders in terms of remuneration to top managers. Among them are Sberbank, VTB, Gazprombank and Otkritie Bank, which was undergoing a reorganization procedure under the supervision of the Central Bank.
Specialists predict a decrease in payments
Ahead of a recession expected in 2023, the largest US companies are cutting spending, including on remuneration. According to The New York Times, compensation will be reduced by 50%.
Goldman Sachs CEO David Solomon advised executives to brace for bonus cuts, a prolonged banking downturn and a general crisis that will continue into the second half of 2023. Employees of investment bank Jefferies Group received a similar warning from management.
324 times the salary of an ordinary employee
The average S&P 500 CEO payout was $18.3 million in 2021, 324 times the median corporate bonus. According to Credit Suisse, the number of super-rich people in the world in 2021 increased by 46 thousand, to a record 218.2 thousand. Those whose assets exceed $50 million fall into this category.
The media often write about billionaires in a positive tone. The head of the bankrupt crypto exchange FTX Sam Bankman-Freed, accused of fraud, was called an “honest and humble” entrepreneur who simply “took on too much.” Often they recall significant donations from the rich. One of the most prominent and well-known examples is the family foundation of Microsoft founder Bill Gates and his ex-wife Melinda, which has donated hundreds of millions of dollars since 2000 to numerous scientific, medical and educational initiatives.
However, many at the same time notice that wealthy businessmen and top managers do not spend enough on charity and social initiatives.
Economists believe that the funds paid to them as a reward could be spent on solving the most important problems of mankind and poor countries. At the same time, there is another alternative point of view. According to her, these funds can already serve good purposes, since they are taxed, often at higher rates than the income of ordinary people.
“50% of taxes on 10% of the income of the ultra-rich will bring about $1.2 trillion, which can be used to solve various world problems (like saving the Amazon rainforest, cleaning up the oceans, medical care for the world’s poorest countries, etc.)”, notes Professor City, University of London Fotis Lysandrou .
Russian citizen Ruslan Astamirov arrested in the USA on suspicion of cyber extortion – June 15, 2023
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20-year-old Russian citizen Ruslan Astamirov was arrested in the USA, TASS reports on June 15. Astamirov is accused of involvement in cyber attacks.
He faces up to 20 years in prison.
“The Department of Justice today announced the indictment of a Russian citizen for his involvement in distributing multiple LockBit ransomware viruses and other cyberattacks on computer systems of victims in the United States, as well as Asia, Europe and Africa,” the New State Attorney’s Office quoted the agency as saying. -Jersey.
Previously, the media published data that more than 1.4 thousand cyber attacks were committed using LockBit around the world, including in the United States. It is believed that the hackers tried to extort over $100 million and received at least tens of millions of dollars in bitcoin.
Astamirov is the third of the group of suspected extortionists from LockBit and the second detainee.
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