AOL's million dollar man sees 40% dip in compensation
CEO Tim Armstrong feels pain of diminishing revenue
AOL nearly halved its chief executive officer's compensation for the year ended 31 December 2010.
Tim Armstrong was handed $15.3m in salary, stock awards and options last year, compared with a hefty $25.5m reward in 2009, according to a regulatory filing with the US Securities and Exchange Commission published yesterday.
His total compensation reflected a 26 per cent decline in AOL revenue coupled with a net loss of $782.5m for the company's 2010 fiscal year.
Armstrong's options and stock were down on 2009's awards, however his salary was bumped up from $734,849 to $1m in 2010.
Last month the ailing internet outfit fired 900 of its employees as part of the company's effort to recast itself as a media content provider.
In February Armstrong confirmed the $315m buyout of the Huffington Post. Late last year, AOL hoovered up TechCrunch. ®
It never fails to enrage me hearing about crap like this.
A poor guy down in the engine room gets fired for temporarily taking down a non-mission-critical service due to poor change control...and this MUPPET...probably with a penchant for the words like "synergy", "Vertical markets", "soluitionize"...get paid a whacking great salary *even after* running up a massive loss???
JUST FUCKING FIRE HIM!
Only 15mil pa...
...hardly worth getting out of bed for.
just a thought...
But if your CE's annual wage is a measurable percentage of the company's annual loss (roughly 2%), then there's something wrong with your renumeration system. Surely replacing him with someone else would be a better idea - I'd happily do the job for less than a million, and it'd also free up $14 million, which could go towards paying off debt or even keep around 300 employees on the rolls (assuming an average wage of $50k)