Trick or treat?
Schwartz gets a $1m annual salary from Sun, a level that has stayed the same for the past three years, according to the proxy. But stock awards and options, plus other compensation, Sun's president and CEO had a total compensation of $6.2m in fiscal 2009. That's 20 per cent less than last year, and less than half of the $14.1m Schwartz took home in fiscal 2007.
Mike Lehman, Sun's chief financial officer, gets an $800,000 salary and pulled in $1.43m in total compensation in fiscal 2009, down sharply from the $3.73m he got in fiscal 2008. John Fowler, executive vice president and general manager of Sun's Systems Group - and very likely the person who will run the Sun unit if it becomes part of Oracle - had a $575,000 salary and $1.75m in total compensation, down a smidgen.
Greg Papadopoulos, Sun's chief technology officer, had $2m in total compensation, also down a bit, and Peter Ryan, who is the executive vice president of global sales and services, got $2.38m in total compensation in 2009, mysteriously including a $705,640 accelerated retention bonus payment from fiscal 2010 and another retention bonus for fiscal 2009.
The proxy also shows the silver and golden parachutes that the top brass at Sun have - the silver one being if they are involuntarily removed and the other if they are terminated following a change of control in the company. Schwartz has a $12.8m golden parachute, while Lehman has a $4m one, Fowler has a $3.8m deal, and Papadopoulos has a $4.1m cushion. Ryan, who is a British citizen, has a $5.1m package. McNealy has a golden parachute set at just over $10m.
With those kinds of numbers, it is no wonder that everyone is behind the Oracle deal going through, and Sun's top brass were actively seeking a deal with IBM and perhaps other companies. Being fired is worth more than coming to work.
One more thing: Sun has yet to report its financial results for the first quarter of fiscal 2010 ended in September. My guess is that Sun will sneak this out after the markets close tomorrow. Trick or treat. ®
You guessed wrong
Sun will post earning, or lack thereof, Nov 7th after the market closes on Friday.
I am surprised they can even close the books anymore. The executive suite has basically abandoned ship. Anyone that can get a job has left and all the golden parachute flunkies are hanging out at the starbucks.
Questions I have:
1) Why does it take Sun over a money to close its books?
2) Why has Larry never acknowledged that half of Sun's hardware comes from Fujtisu?
3) When Larry said "Sun is bleeding $100M per month and he wants to get this done quick so he can save jobs" is that 15K vs. 16K he plans to layoff?
4) What is this country going to be like once all the computer hardware goes to China?
Puesta del Sol
Thank you Sun for all the good times. I guess the delusions of grandeur had to end at some point. At least we've got beer money to keep us smiling a while longer. I wonder what Scott, Jon and Greg will do next - maybe join Andreas von Bechtolsheim on his "the network is not quite the computer" venture?
Whaddaya want from the SEC?
The SEC is not in charge of Sun running its company well. This IS Capitalism, ya know. The SEC is only about following a process of reporting what is being done. I suppose that you want the newpapers to be responsible for preventing crime too, eh?