Three prime Twitter Inc executives who have been fired by Elon Musk after finishing its acquisition are set to gather greater than $100 million in severance and payouts of fairness awards already awarded.
Chief Executive Officer Parag Agarwal, who stepped into the position lower than a yr in the past, is eligible to obtain round $50 million, in response to Bloomberg News calculations. Chief Financial Officer Ned Sehgal and Head of Legal, Policy and Trust Vijaya Gadde are in line for $37 million and $17 million every, respectively.
People aware of the matter mentioned three different key Twitter executives have been amongst these departing after social media big Musk took over on Thursday. His exit sparked greater than six months of public and authorized wrangling, which has now ended with Musk taking up the job of CEO of the world’s richest man.
Like many prime leaders of enormous public firms, Agarwal and his lieutenants have been entitled to severance equal to a yr’s wage and if Twitter was purchased and so they misplaced their jobs within the course of, in response to the corporate’s phrases. Equities with out investments have been entitled to cash-outs of awards. severance coverage. Twitter may also must cowl its medical insurance premiums for one yr, every amounting to about $31,000.
Critics usually level to the unfairness of providing gilded exit packages to bosses, whereas peculiar workers who lose their jobs following mergers or purchases hardly ever go mushy on landings. Defenders of Golden Parachute say they let executives concentrate on what’s finest for shareholders as an alternative of worrying about whether or not a deal will change them.
In the case of 38-year-old Agarwal, who had been on Twitter for almost a decade, he asserted that the corporate sees by way of an acquisition of Musk at $54.20 per share, despite the fact that the Tesla Inc co-founder mentioned he can be left behind in administration. Do not consider. , Text messages unveiled throughout the trial over the deal present that the 2 had a controversial textual content trade within the course of after Musk requested his followers if Twitter was “dying.”
A Twitter consultant didn’t instantly reply to a request for remark.
With inputs from TheIndianEXPRESS
