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Microsoft alters sweetheart housing deals for execs
,----[ Quote ]
| Complaints arose after Microsoft disclosed in a
| September proxy that it took a bath on real
| estate deals made to recruit Business Division
| President Stephen Elop. Relocating him to Redmond
| cost $4.1 million in part because Microsoft
| covered the loss Elop took when he sold his
| California home.
`----
http://seattletimes.nwsource.com/html/technologybrierdudleysblog/2010171343_microsoft_alters_sweetheart_ho.html
Microsoft tweaks policy after criticism of exec home buys
http://www.techflash.com/seattle/2009/10/microsoft_tweaks_policy_after_criticism_of_exec_home_buys.html?ana=from_rss
"There is such an overvaluation of technology stocks that it is absurd. I would
include our stock in that category. It is bad for the long-term worth of the
economy."
--Steve Ballmer, Microsoft's CEO
Recent:
Microsoft's Distasteful Plans to Save Us from the Housing Crisis
,----[ Quote ]
| This last disclosure came out late Friday in Microsoft's
| preliminary proxy.
|
| Michelle studiously noticed that in that same filing,
| Microsoft disclosed that it may outdo the Fed and the Obama
| administration in saving the country from the current
| financial mess. Specifically, they are going to focus on
| the housing mess and try to stabilize the market one Bay
| Area executive mansion at a time.
|
| [...]
|
| The reason for this was that Elop apparently couldn't sell
| it. Therefore, using bizarre executive comp logic, he hired
| 3 independent appraisers to peg the value of his home and
| got Microsoft's shareholders to pay him that amount for the
| home. This was all to "induce" him to take the job of
| heading up Microsoft's Business Services Division in
| Redmond. I know it rains more in the winter in Seattle, but
| that's quite an "inducement." I guess the "war for talent"
| is brutal -- even in the biggest recession since the Great
| Depression.
|
| [...]
|
| If Elop couldn't sell his house in the Bay Area and he
| didn't want to carry the mortgage on it while moving to
| Seattle, that's his decision. As a shareholder, I'd say
| let's find some other executive who does want this exciting
| opportunity. Enough with the "that's what we had to do to
| get this talent" logic. There are many talented people that
| would have jumped through hoops for this job.
|
| It's too bad Elop and Kevin Johnson couldn't have
| coordinated their plans to switch jobs at Microsoft and
| Juniper Networks. They could have saved shareholders a lot
| of expense by just doing a house swap.
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http://seekingalpha.com/article/162665-microsoft-s-distasteful-plans-to-save-us-from-the-housing-crisis
Microsoft's Own Housing Crisis
,----[ Quote ]
| If the say-on-pay had been in place, you have to wonder how
| many investors would vote to spend that kind of money on
| relocating one executive.
`----
http://www.minyanville.com/articles/microsoft-elop-compensation-executive-minyanville/index/a/24588
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