Is Siebel's new CEO George Shaheen out to rescue the company or his own bank account?
The fellow bloggers at Silicon Beat point out that Shaheen has corporate greed written all over him.
As the CEO of the now defunct online grocer WebVan.com, he negotiated a perpetual retirement pay of $375,000 per year, to be transferred to his wife in case she would outlive him. The company also loaned him $6.7 million to help him pay the taxes on his stock options. He could have cashed some of the options, but why pay for something if you can have the shareholders pick up the tab? When the stock went south, Shaheen paid back the loan with the shares, that by then were valued at just $150,000. Shaheen's little scheme ended up costing shareholders $6.55 million.
In case you wondered where Siebel Systems found Shaheen: he is also the former chief executive for Anderssen Consuling, now knows as Accenture. Siebel and Accenture we intimate since the early days of the CRM vendor, which landed Shaheen a position on Siebel's board of directors.
Board members have to be compensated. And in Shaheen's case, Siebel handed out about $100 million in stock options. Protesting against this lavish compensation, one of Siebel's shareholders filed a lawsuit to limit such packages.
Shaheen has proven that he knows how to look out for himself. But that isn't in the best interest of Siebel as a company.
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