Still in the red, Novell gives new CTO $1.875M comp package
At the same time that Novell reported being $5 million the red (for Q4), restructured, and layed off hundreds of employees, it is also awarding its newest executive -- CTO Jeffrey Jaffe -- an incredibly lucrative compensation package. According to News.com's Stephen Shankland Jaffe will be:
- Paid a salary of $450,000
- Get a minimum bonus of $225,000 that could be as high as $450,000
- Get a $300,000 signing bonus
- Get $600,000 if he stays for a full year and
- Will receive a $75,000 relocation expenses to move to Waltham, Mass., where Novell is headquartered.
The deal also includes a healthy dose of stock options and substantial severance pay. While the package guarantees him approximately $1.65 million, its total value if he maxes out his bonus is $1.875 million (nearly as much as Novell's $2.1 million net income for all of 2005Q3). According to an old press release on Lucent's Web site, Jaffe was at one time general manager of IBM's SecureWay business unit. He joined Bell Labs in 2000 to head up a group of 1500 technical experts as VP of Advanced Technologies.
Anyway. Wow!