Wachovia bank's new CFO will receive an upfront bonus of $4 million. And the thing about these types of jobs is that you often can't realize that folks made bad decisions until much later along the way. So in addition to the pretty salary and bonuses, he's got four Ms to sit on - even if he doesn't stay very long, which he will even if he does poorly b/c no one will really know until later. David Zwiener will begin work at Wachovia by Oct. 1. According to this Business Journal article, "For 2008, he will receive a guaranteed minimum annual cash incentive award of $937,500 that will be paid in February."
I am not saying I think Zwiener will do poorly. I wish him the best for him and for the rest of us (how big banks do effects the economy for us all). I just hope he's worth all the money. And I just hope I'll be at that point one day, soon.
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At some point people have "made it" and they command large signing bonuses, retention bonuses, and even "golden parachutes" where they get fired and leave with large sums of money. Does David Zwiener deserve it, I don't know. I think bonuses should be tied to a companies performance. If the company does well, pay them. If they fail in their jobs they should be pain a minimum salary but no bonus.
Yeah, I'll take a golden parachute too.
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