Yahoo CEO Terry Semel made a cool $231 million last year by exercising some stock options, the company disclosed. That is of course in addition to his much more modest base salary of $600,000.
The figure makes for the third highest annual pay for any public Silicon Valley, the San Jose Mercury News point out.
Semel succeeded in turning Yahoo into a successful company and he has every right te be rewarded for that. But what on earth does he plan to do with $231?
Further more – if I were a Yahoo shareholder (which I'm not), I wouldn't be too exited about $231 million of shares diluting the total number of outstanding shares in the stock market.
Following Enron and Worldcom, the high tech industry told us that we didn't need legislation to regulate stock option compensation for executives – self-regulation would be sufficient. If Semel's record pay shows anything, it is that selfregulation doesn't work. We need a legal requirement to expense stock options and we need it now.
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