Sun man gets 56 per cent pay hike
(http://www.theinquirer.net/?article=18632)
Collects more than his boss
By Nick Farrell: Thursday 23 September 2004, 07:43
SUN'S NEW number two, Jonathan Schwartz, has seen a 56 percent boost in his salary over the last year and is getting paid nearly seven times more than his boss Chief Executive Scott McNealy.
Schwartz was paid $677,000 in fiscal 2004, a 56 per cent raise over 2003, while McNealy gets only $100,000.
According to a Wednesday filing with the U.S. Securities and Exchange Commission, Schwartz's salary of about $559,000 was supplemented by a $108,000 bonus, $6,000 for other compensation and $3,500 for patent applications. In addition, he was awarded 1.5 million stock options.
Sun has been taking drastic measures to push itself into productivity including three waves of lay-offs. In the last quarter the company has returned to profit but is still a long way from where it was five years ago.
But then, aren't we all? |
