Kriens receiving a bonus this year: the company must enter into "new businesses by means of acquisitions."
Next thing you know he meets at a Denny's restaurant and makes a deal with Netscreen and puff he get's his bonus. Who cares at what expense to JNPR in regards to bonus or premium for NSCN.
You longs don't feel any mistrurst here do you?
He's out for himself like I stateed so many times.
*DJ Juniper Reimbursed CEO For Aircraft Use At $1,500/Hour
+DJ Juniper Hiking CEO's 2004 Salary To $425,000 Vs $275,000
Dow Jones News Services
(Copyright � 2004 Dow Jones & Company, Inc.)
(MORE) Dow Jones Newswires
DJ Juniper Boosts CEO's Salary 55% To $425,000 In 2004 >JNPR
WASHINGTON (Dow Jones)--Juniper Networks Inc. (JNPR) said Monday that it is boosting its chairman and chief executive's salary by about 55% to $425,000 in 2004.
The Sunnyvale, Calif., software company said in a proxy filed with the Securities and Exchange Commission that it decided to hike Chief Executive Scott Kriens' salary because the $275,000 that he has been receiving since 2001 is "substantially below" the 50th percentile for top executives of comparable companies.
Juniper set $425,000 as a target for Kriens' 2004 bonus, the proxy said. In 2003, Kriens pocketed a $161,350 cash bonus. Juniper didn't award him a bonus in 2002, the proxy said.
As reported, Juniper directors have imposed an unusual condition on Kriens receiving a bonus this year: the company must enter into "new businesses by means of acquisitions." Kriens apparently satisfied that requirement when Juniper announced in February that it was acquiring NetScreen Technologies Inc. (NSCN) in a $3.6 billion stock deal.
Juniper's proxy didn't mention how that provision would affect Kriens' bonus this year.
Juniper also said Monday that it has agreed to reimburse Kriens for his use of his personal aircraft for business purposes. The company will compensate Kriens at a rate of $1,500 per airborne hour, as long as the total payments don't exceed $300,000 a year.
The company didn't say when it entered into the reimbursement agreement, which hasn't been disclosed in recent regulatory filings. The proxy didn't list any aircraft-related reimbursement payments last year. A Juniper spokeswoman wasn't immediately available for comment Monday.
Juniper in 2003 also gave Kriens 800,000 stock options with a $15 strike price. Assuming the company's stock price climbs 10% annually, Juniper estimated that the options would be worth up to $19.1 million when they vest. Shares of Juniper recently traded for $27.49 each, down 3 cents.
This year, Juniper has given Kriens another 800,000 options, but the proxy didn't disclose the strike price.
Juniper said Kriens' $161,350 bonus last year was based on the company achieving some of its revenue and profitability goals. It said the amount represented 60% of the target the company set at the beginning of the year.
Juniper also said in Monday's filing that Vinod Khosla is resigning from its board of directors Thursday. Khosla, who has been on Juniper's board since 1996 and whose term was expiring this year, is resigning because Juniper must appoint a NetScreen director to the board.
-By David Enrich; Dow Jones Newswires; 202-862-1340; firstname.lastname@example.org
I don't have a problem with him expensing options.
However I do have a problem with his track recording of screwing his sharholders.
I'm not in this boat but how would you feel if you bought because of his comments after last earnings. He went out of his way to even promote the competion as well as answering CSCO cautiousness on CNBC after CSCO reported. Only to find out days later he sold millions of shares. Then to boot the reason he sold was because he knew about the NSCN deal and the shareholders didn't.
Many longs got screwed and maybe would've liked the chance to sell and re-enter at a lower price.
Kreins has been paid in options up until this year and as soon as expensing comes down all this other stuff will kick in. So to say that his PAST compensation in options negates the need for this new stuff is irrelevant, they are putting this new compensation out there so the shareholders and board can mull it over rather than a big bang switcheroo the minute options are expensed.
But options don't matter anyway. Yahoo went up on their increased cash flow. It has reached the point where nobody cares about earnings anymore because they are so dumbed down with all these loopholes set up by lobbyists to avoid taxes. Cash flow is all that matters.
Who gives a
And more importantly, who gives a
He's returned big $$$ to shareholders in the past year. It's not his fault you have serious envy problems.
Get a life.
This guy Kriens is very greedy. The business model "seems" good but with this guy running the show I can't trust him. It's nice to know he has a "cult" type folllowing for his stock to appreciate.
How many more blatant, in your face, it's about the CEO making$$$, tricks does he have in the bag.
$1500/hour airplane reimbursement.
Only receives bonus for making an acquisition.
Sold options at the top only days after pumping his shares so he can get out before the announcement of the NSCN deal (then made a bonus because of the deal).
Repriced options from $100 to $10.