AOL's million dollar man sees 40% dip in compensation
CEO Tim Armstrong feels pain of diminishing revenue
Posted in Music and Media, 8th April 2011 12:14 GMT
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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. ®
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