eBay chief John Donahoe saw his compensation package shoot up 81 per cent last year to a whopping $29.7m as the online bazaar's stock grew 68 per cent. Donahoe was handsomely rewarded for the growth the marketplace site and its payment business PayPal saw last year, with a salary bump of three per cent to $970,353. That was …
...you have overwhelming desires to buy a third-world country and appoint yourself "El Presidente for life", I cannot fathom why anyone would be desperate to receive $30Million (£20Million Sterling) per annum.
What in God's name could you want it for? Surely there's only so many yachts/aircraft/Ferraris you could own?
Unless it's for setting up a charitable foundation and doing some good, there must come a point where such wealth actually becomes a problem (security, time to deal with it, the vast army of bean-counters etc).
Maybe I'm just a peasant, but as long as I can pay my way, look after family etc., I'm content. If I were to receive such sums, then once I had a few million in the bank - well, maybe not there in the current circumstances - I'd say "Bugger work", and just enjoy life whilst doing charitable stuff with what I didn't need to keep.
I know exactly what you mean, but never having been in that situation (and never likely to be), I can only assume it's a case of "your lifestyle expands to fit the funds available".
He's not getting $30M a year, he's getting $970k a year.
$14.9M is just the current value of his stock awards if the share price stays the same until 2017.
As an incentive, it works pretty well to avoid "smash-n-grab" CEOs.
Probably needs it for his next high-stakes poker tournament
Good on him
Making a profit, employing people and healthy stock price.
Plenty of CEOs earn that kind of money, lets hope he is friends with Bill & Warren and spends his money eradicating Polio or similar, that isn't that unusual with wealthy industrialists.
The Lefties won't like it
He's earning more than them. They don't like that. They'll be claiming he's "overpaid" any minute now.
Let's hear it you Labor-voting Lefties! Chant your mantra: "Tax him, tax him, make him pay more tax that he's legally obliged to do. Tax the life out of him." Shit talkers.
Re: The Lefties won't like it
Yes - I think he's overpaid - as I think of many of our "industry leaders", certainly the higher echelons of bankers and virtually all politicos.
I'm not by any means a lefty - some of my work colleagues consider me to be somewhat to the right of Genghis Khan - and I abhor NuLab, Millipede, Ed 'talking' Balls, Harridan Harperson etc. Neither do I have much time for Cameron (Blair Lite) or Clegg...
I'm I suppose an anti-authoritarian (can't be a lefty with that view) who believes in small government, and a libertarian but one who nevertheless thinks that a CEO receiving remuneration which is some 50, 100 or even 500 times what his employees earn is bordering on the obscene.
Please note I use the words "receiving remuneration" carefully, as there's no way on God's Earth that they can be said to earn it...
Re: The Lefties won't like it
"I'm I suppose an anti-authoritarian (can't be a lefty with that view)..."
While I agree with your main point, I just wanted to point out that you can be a 'lefty' and be anti-authoritarian. While the political spectrum in the U.S. tends to be portrayed as a single axis (left-right), in actuality there are two axes (left-right, authoritarian-libertarian, respectively). Personally I suspect that this is because virtually every U.S. politician is a 'do what I tell you to do' authoritarian jack-off.
I'll just leave this here: www.politicalcompass.org/
So the e-mail was true...
"EBAY CHIEF DONAHOE SEES HIS PACKAGE NEARLY DOUBLE IN SIZE"
Apparently, the penis enlargement pills actually work.
Re: So the e-mail was true...
Yes, he's gone from 1/2 inch to a full inch.
$29.7m doesn't mean that he magically had $29.7m dropped into one of his bank accounts post-tax. Not all of it is cash and some of it will be long term share-based incentives etc.
Standard practice and plenty of UK CEOs are on packages like that too.
I'm pretty sure I could get more
If I could find a way for the company I work for to avoid corporation tax too.
Wait, I know what it is. Open an office in Luxembourg (a PO Box will probably suffice), register it as the corporate headquarters and just send all the profit over there (just don't call it profit..maybe "marketing expenses"). That was easy.