Coinbase’s chief product officer will leave with a $105M payday

#1

Post by ilamont » Wed, Jan 25, 2023, 4:10 PM UTC

Coinbase’s chief product officer will leave with a $105M payday
dlnews.com

Re: Coinbase’s chief product officer will leave with a $105M payday

#2

Post by karaterobot » Wed, Jan 25, 2023, 4:24 PM UTC

Yes, because he got stock as part of his compensation package. Last year it was worth more, but it's still worth a lot. If the product hadn't been successful, it would have been worth nothing. It's not a mystery at all.

Re: Coinbase’s chief product officer will leave with a $105M payday

#3

Post by bhahn » Wed, Jan 25, 2023, 4:25 PM UTC

The title of the article is a bit misleading. It implies that he's leaving with a severance package -- that he was let go by the company -- but the $105M is from selling stock from his original employment package and it seems like he's leaving on his own volition.

Re: Coinbase’s chief product officer will leave with a $105M payday

#4

Post by kokojumbo » Wed, Jan 25, 2023, 4:25 PM UTC

So, the ship is sinking?

Re: Coinbase’s chief product officer will leave with a $105M payday

#5

Post by newbie578 » Wed, Jan 25, 2023, 4:25 PM UTC

This is surreal to read. Can anyone please explain how is it possible for the board to value so much someone?

I don't see what can possibly justify this kind of compensation...

Re: Coinbase’s chief product officer will leave with a $105M payday

#6

Post by darth_avocado » Wed, Jan 25, 2023, 4:26 PM UTC

kokojumbo wrote: post #4

So, the ship is sinking?

Probably the other way round. They’re getting rid of a product officer who has no faith in his product.

Re: Coinbase’s chief product officer will leave with a $105M payday

#7

Post by sebzim4500 » Wed, Jan 25, 2023, 4:26 PM UTC

newbie578 wrote: post #5

This is surreal to read. Can anyone please explain how is it possible for the board to value so much someone? I don't see what can possibly justify this kind of compensation...

His equity was presumably worth much less when it was given to him.

Re: Coinbase’s chief product officer will leave with a $105M payday

#8

Post by leesec » Wed, Jan 25, 2023, 4:27 PM UTC

One of the biggest compensation packages I've ever heard of (600M+ in 5 years) and he walked away a year in. Wow.

Re: Coinbase’s chief product officer will leave with a $105M payday

#9

Post by seeingfurther » Wed, Jan 25, 2023, 4:27 PM UTC

This seems like an awfully high compensation package for someone who only joined around the time of the IPO.

Re: Coinbase’s chief product officer will leave with a $105M payday

#10

Post by phillipcarter » Wed, Jan 25, 2023, 4:27 PM UTC

All I can say is, damn, props to him. Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history and delivering so little value in return is the kind of heist we should all aspire towards.