Zillow snub CFO Chad Cohen with substantially lower base salary increase
Zillow AGM Filing DEF14A gives details of snub to CFO Chad Cohen with 7% base salary increase compared to 20% paid to his executive peers Rascoff, Beitel, Schwartz and Bohutinsky. The explanation in the Filing says "The compensation committee annually reviews the base salaries of our executive officers. Merit-based adjustments to salary generally become effective in the first quarter of the year following completion of our annual performance review process. This process includes a comprehensive self-performance review by all employees as well as a manager and peer review."
Maybe Cohen's performance review was processed by Zillows Zestimate algorithm, as what other reason could there be for such a blatant insult? Obviously big tensions must exist within the Zillow executive team when one member is snubbed so openly like this. Most unusual for a CEO to humiliate his CFO by demonstrating his view that the CFO is not considered as worthy as the Marketing, Sales and Technology guys, and maybe that explains the cringing response to the SEC investigation last August. It will be interesting how this years salary increases are distributed and if Cohen falls even further behind his colleagues.