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It makes perfect sense for a company that just suffered a gigantic drop in profit (and one that has been struggling all year) to give its new Chief Financial Officer, the one who will preside over the books during its downward spiral, a big fat paycheck. Troy Alstead, the incoming CFO for Starbucks Corporation, will be paid an annual salary of $450,000. But wait, there's more: he also receives eligibility for a $225,000 bonus and a stock option grant worth over $200,000. So, let's get this straight: the company is struggling for its life, facing continuously decreasing profit, and the head money man could get paid nearly $900,000 a year. Is it no wonder the numbers coming out of the Mermaid are so dismal?
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No longer is it impossible to think of Starbucks as "fighting for its life." In these columns a couple of months ago, I predicted Starbucks was on the ropes...and was roundly ridiculed. Just you wait, Howard Schultz, just you wait!
Though on the other hand, most CFOs for comparable companies probably make significantly more than that. And when CFOs expect that kind of money, how are you supposed to get someone in to do the job if you offer what they see as a below-market salary? The proof will be in the double tall carmel macchiato, though, when we see if the guy can actually help turn the company around.
Yeah, but they gave me a free short Americano last night, so no complaints.
Simonian is, in my opinion, exactly right.
He's going to be the CFO for a company with well over 100,000 employees. If you want to get someone that can sort out the financials for that sort of an organization, they aren't going to come cheap.
Also, I think the link you've got there is wrong...