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

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

#321

Post by NotYourLawyer »

lordfrito wrote: post #297
globalreset wrote: post #169

Earlier quoted context omitted.

These executive salaries ara usually shareholder's money (like the whole business), and the problem is that shareholders are often too distributed and don't have enough control to do anything about it.

> the problem is that shareholders are often too distributed and don't have enough control to do anything about it Any examples to cite? Because I can't think of an example of a single company where this is true. Usually it's a small group of shareholders that hold more than 50% of the company, making it essentially theirs as they hold a winning number of votes. They run it in a way that benefits them, placing their…

Mostly agree, but this part isn't really true:

>But as the majority shareholder it's effectively their company, and they can do what they want with what they own (basic freedoms I think we all agree on?). For example, Elon, as majority shareholder, could simply liquidate Tesla and pocket his share of the sale. It's his company.

Minority shareholder oppression is a thing.

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

#322

Post by jahewson »

matrix_overload wrote: post #310
ryandrake wrote: post #226

Earlier quoted context omitted.

I'm pretty much convinced that the inflection point is "Director" at a FAANG or "VP" at a smaller company. Once you get to that point, it's pretty much impossible to fail downward. Worker bees rise up in level when they succeed (or the economy is good) and fall down in level when they fail (or the economy is bad). But, I've never heard of a Director or VP or anyone from the "executive class" getting a downgrade when…

It's more about having the "fuck you" money. Once you reach this level, you typically have about $3-5M in various assets, so you don't have to work in order to keep paying your bills. You may want to work to buy that next supercar or yacht, but you don't have to. So, if you are out of luck, you postpone that $5M waterfront summer home purchase, go sit on some board for symbolic money, sniff around, and eventually joi…

For context if you live in Palo Alto it just buys you a house.

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

#323

Post by lost_tourist »

nlitened wrote: post #145
mathverse wrote: post #81

Full time employment is rigged. For everyone. Tech workers are just now waking up to the reality that they are the same disposable peasants like all the rest. Seeing this kind of compensation and thinking .. oh well that guy must have done hell of a job must be some kind of delusion.

Everybody is free to start their own businesses or to get hired as a CPO at a booming startup. I see a lot of people complaining, but not that many actually using those very simple rigged opportunities to make 100M fast.

It's pure luck most of the time; right time, right place, right connections. It's not usually talent especially in crypto and other legal ponzi schemes

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

#324

Post by capableweb »

wpietri wrote: post #131
capableweb wrote: post #47

Earlier quoted context omitted.

> “As our product leaders have taken on more responsibility, I've been able to consider taking a much-needed personal break to spend more time with my family. It has been a tough year for me personally — my father was diagnosed with Alzheimer's disease, and my mother passed away unexpectedly. If I'm honest with myself, I don't think I've allowed myself time to grieve either yet,” he wrote in a recent LinkedIn post. h…

I wouldn't be surprised. "spend more time with family" is a classic lie when fired. E.g., this article from 2013: https://patch.com/virginia/oakton/what-resigning-to-spend-mo... Or this, from 2006: https://www.nytimes.com/2006/12/23/business/23family.html

If he just said "spend more time with family", then I agree, it sounds like a cop-out. But specifically referring to actual life events? Less likely to be cop-out, at least that's the feeling I get.

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

#325

Post by anonymouskimmer »

cactusplant7374 wrote: post #147
mathverse wrote: post #81

Full time employment is rigged. For everyone. Tech workers are just now waking up to the reality that they are the same disposable peasants like all the rest. Seeing this kind of compensation and thinking .. oh well that guy must have done hell of a job must be some kind of delusion.

The amount of money makes one wonder about corporate governance. How can shareholders be okay with it?

They're okay with it because:

1) Originally giving large amount of stock to the C-suite was seen as a way of locking in the motives of executives to enrich the corporation (or at least bump the share price), not just themselves.

2) They stayed okay with it, and even increased the options, because it was now standard practice. And if they didn't okay it they wouldn't get the 'best' executives.

The problem with all of this is that some shareholders are longer-term holders than others. And if executives are jumping ship to get a higher payout every couple of years, then they are only incentivized to boost the share price for those couple of years (or until their options mature). So executive's motivations are only in sync with the best monetary interests of short-term shareholders.

You'd think the shareholders would design compensation policies to encourage long-term executive retention and thus long-term "shareholder value", but this doesn't seem to be the case.

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

#326

Post by lost_tourist »

asdff wrote: post #261
atomicnumber3 wrote: post #108

Earlier quoted context omitted.

That's an insult to baloney - at least baloney has the intrinsic value wherein it can be metabolized into calories.

It's especially insulting not to spell it correctly. Bologna.

like it or not baloney is a word. Informal, but you'll still find it in dictionaries.

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

#327

Post by spamizbad »

newswasboring wrote: post #285
spamizbad wrote: post #278

Earlier quoted context omitted.

"hustle" in this case is meant in the informal, pejorative way (a swindle)

Why would you respect a swindle man? That is what the rest of my post is talking about.

Why do you think Ocean's 11 was such a popular movie? Do you think the people watching it are rooting for George Raft/Terry Benedict?

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

#328

Post by WeylandYutani »

davidw wrote: post #132
phillipcarter wrote: post #10

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.

I have to say... there's something kind of demoralizing about this and some of the other shenanigans happening right now. I'm part of a local YIMBY group advocating for more housing and you see some really rough stories about people who are employed, work hard, and still can't put a roof over their heads. And then you see stuff like this. /rant

I feel you. All we can do is vote and treat people who are worse off as human beings.

I'm fortunate to live in a country that has a social safety net.

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

#329

Post by leesec »

jacobsenscott wrote: post #244
leesec wrote: post #98

Earlier quoted context omitted.

Not sure why the outburst man. His mom died, it's a valid reason to not want to work for a bit, and why would you if you had 105 million

This guy fails and gets 100+M dollars - never has to work another day in his life, and somehow after all that his break is "much needed"? Really? You need a break from making 1M per year for 3 years with a 100M kicker at the end? You know who needs a break - the 1000 people coinbase fired because Surojit Chatterjee and his C suite cronies wanted to bump their stock price.

Literally chill out. Rich people need breaks too. 100M isn't going to stop you from feeling sad when your mom dies.

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

#330

Post by 1024core »

ninala wrote: post #302
matthewaveryusa wrote: post #159

I'm always intrigued at people's carriers and where exactly the inflection point was. Looking at Surojit's career, it went something like this: BS in CS at Kharagput, something like a US T2 university MS in CS at Buffalo, something like a T2 univeristy, Spend some years at IBM and Oracle as a developer/senior developer 200k/year ? MIT Sloan MBA T1 world class PM/Senior PM at Symantec for a year 200-300k/year? Head of…

I've worked with Surojit; he was an absolute superstar. He rose through the ranks on the basis of mountains of backbreaking and incredibly impactful work.

He also had a terrible reputation of being an arrogant prick. People hated working for him (or so I've been told). I've heard he made grown people cry.
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