Summary List Placement
Tech unicorn Snowflake offers data warehousing in the cloud, and in just eight years it has taken on the likes of Oracle, Amazon, and Google. On Wednesday, it went public, breaking records as the largest ever US software IPO, at $33.3 billion, beating the previous record holder Uber which went public at a $8.1 billion valuation.
Leading the company through the IPO is CEO Frank Slootman, who made more than $60 million in total compensation in 2019, according to an S-1 filed by the company.
Slootman, who has proven himself leading tech companies like Data Domain and ServiceNow through IPOs, stands out in Silicon Valley for his views on investor activism and social justice.
Analyzing unicorn executive comp
We broke out the compensation for CEOs from Microsoft, Alphabet, Oracle, and Amazon and compared it with compensation for Slootman and Snowflake’s former CEO Bob Muglia, who stepped down in mid-2019.
Because of the mid-2019 change, both Slootman and Muglia’s reported salaries were only a portion of what they would have earned if they’d worked a full year — Slootman’s full-year salary was $375,000 and Muglia’s was $300,000, according to their amended S-1 filing.
But even with half a year’s salary, the additional forms of compensation that Slootman received vaulted his overall earnings ahead of other tech execs.
Let’s unpack salary versus other forms of compensation.
On salaries, awards, and full compensation
The full-year salary is sometimes referred to as a salary rate. The compensation data provided by companies in their annual proxy statements filed with the SEC includes the amount earned, rather than the actual salary rate. This difference explains the discrepancy between Slootman and Muglia’s earned salary and their salary rate.
Even with these adjusted full-year salaries, both Slootman and Muglia earned a lower …read more
Source:: Business Insider