Qualcomm Inc. disclosed in a proxy statement that it awarded special stock grants worth $95 million to its top executives,
the
Wall Street Journal
reported.
The company said the move was made to dissuade the executives from taking jobs at other companies, the
Journal
reported. Before he was named Qualcomm's CEO, Steve Mollenkopf was under consideration to lead Microsoft Corp., the
Journal
reported in late 2013.
The proxy said, “Several members of Qualcomm's senior management team were aggressively targeted by peer companies' recruiting efforts…. As a result, Qualcomm lost several senior-level employees to other companies.”
Qualcomm said in its latest filing that Mokkenkopf received “front-loaded” restricted shares vesting over five years that the company valued at a total of $30 million. In addition, he received additional restricted stock units valued at $20 million that will vest after three, four and five years, the article said.
Qualcomm gave its president, Derek Aberle, a front-loaded stock grant valued at $16.1 million and another grant valued at $10.5 million, the
Journal
report said.
The company's executive chairman, Paul Jacobs, received restricted stock grants worth a total of $45 million over five years. Jacobs, son of co-founder Irwin Jacobs, will receive a salary of $1 a year from now on, the
Journal
article said.
Qualcomm plans to reduce the non-family executives' regular compensation each year by the annualized grant value. Their compensation “will consist only of salaries, annual cash and stock incentives,” the
Journal
report said. (Source:
Wall Street Journal
, Jan. 23, 2015.)
-
951 reads