Former Twitter CEO Parag Agrawal, 2 Other Fired CEOs $122 Million Total Compensation: Same
Research firm Equilar says the top three Twitter executives fired by new owner Elon Musk will receive a separate payout of about $122 million (nearly Rs 1,000).
Musk Fired Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy director Vijaya Gadde, according to people familiar with the matter. He accused them of misleading him and Twitter investors about the amount fake account on the platform.
In an email to Reuters, Equilar, best known for its executive compensation research, valued Agrawal’s so-called “golden umbrella” at $57.4 million (nearly Rs 470), while Segal’s at 44 $0.5 million (nearly Rs 370) and Gadde’s. is $20 million (nearly Rs. 160).
Twitter representatives did not immediately respond to questions.
Agrawal, formerly Twitter’s chief technology officer, was named CEO last November. His total compensation for 2021 is $30.4 million (nearly Rs. 250), according to Twitter stock filings, most of which are stock awards.
Large payouts to executives tied to changes in company control are common for a smooth but controversial ownership transition.
Twitter’s profile states that “In the event of a Change of Control event, we believe these arrangements help maximize shareholder value and maintain moderator focus over the long term.” instantaneous time before, during, and after the Change of Control event.”
The payments will cover 100% of an executive’s base annual salary, health care premiums and expedited dispute over equity awards, the filing states.
Equilar research director Courtney Yu said fired Twitter executives “should receive these payments unless Elon Musk has a reason to terminate the contract, with the cause in these cases typically being they broke the law or violated company policy.”
Agrawal and Segal were at Twitter’s San Francisco headquarters when the deal closed and were escorted out, sources more.
Meanwhile, Musk said he sees Twitter as a platform to create a “super app” that offers everything from money transfers to shopping and hailing a car.
© Thomson Reuters 2022