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Cyanotech Corp. Message Board

  • jrn69panther jrn69panther Nov 11, 2010 11:40 PM Flag

    CEO Compensation---See 8k filed

    ---this week. Look at the first exhibit. Summary: Salary $300,000(versus 52K for present interim ceo), Bonus 50% of salary based on results plus an additional bonus possible if results exceed certain goals, OPTIONS: granted for 13 1/2% of outstanding shares(around 750,000 shares)shareholder approval needed at next annual meeting to increase options available to get to the 750K mark, LIFE INSURANCE $500k, SPECIAL BENEFIT: fly CEO's wife to Hawaii 2 times pr month for 8 months(more if needed will be considered).----How's that for one he** of a deal?!!!!

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    • ---Jacobson previous CEO was paid a salary of $335,000 and had his 262,000 options cancelled when he was terminated. The good news is that the new CEO's compensation plan is not way out of line when looking at the Jacobson comp package. The bad news is that the last CEO hired lasted only from May 2008 to March 2010. That doesn't say too much for the BOD's ability to choose wisely on any new hire does it?

      • 1 Reply to jrn69panther
      • Jacobsen also had a good resume for the job.

        The company's turnaround, though, appears to have started somewhat before he arrived, but it gathered steam under his watch.

        His departure coincided with a slowdown in revenue growth. It is too much to believe, though, that such a minor hiccup could have caused the board to act to ouster him. There had to be something else involved.

        I doubt we shall ever know.

        aa

    • Thanks, nice homework digging! An grant equivalent to 13.5% of outstanding shares is absurd, even if the $$$ amount of its value is not that great.

      • 2 Replies to alexalekhine
      • ---well he certainly sold the BOD's on his potential to move CYAN forward. Let's hope he can deliver.---Can they ramp up their production to any great extent if he does deliver the goods?

      • That is a brutally insane compensation package for a company to award. Very disappointed by the options possibility that could give the CEO more than 1/6 of the company if he meets certain goals. The key then is to find out what those goals are to be. If he has to get the price to rise substantially and I do mean with a capital S perhaps he will be worth it. Where is the wife flying from? Is it economy, business or first class? Many questions to be answered before I vote yes to parts of this plan.

 
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