Friday, April 2, 2010

For a company that has never made a profit ...

... how in the world can this be?

Tom Taylor reports:

Six top executives at Sirius XM got a combined compensation of $75 million last year.

-- The just-filed proxy for the annual meeting shows that CEO Mel Karmazin was rewarded far beyond his base salary of $1,250,000. His total compensation, including $7 million in bonus and $35 million in option awards, was $43,466,790. Last year, he made just $1,256,000 total.

-- President and Chief Content Officer Scott Greenstein improved upon his base salary of $850,000 with a $4 million bonus and about $8 million in option awards, for a total of $10,713,285.

-- President, Operations and Sales James Meyer started with a base salary of $950,00 and ended with total compensation of $14,876,932. His 2007 and 2008 packages were worth around $3 million each.

-- EVP and CFO David Frear made about $3.3 million total, which was less than the $5.8 million he hauled down in 2008.

-- EVP/General Counsel Patrick Donnelly did $2.9 million last year.

-- And onetime XM executive Dara Altman, now EVP and Chief Administrative Officer at the combined Sirius XM, made $2,315,506 last year.

Suspecting that the corporate guns are cashing out ...

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