EBay exec gets $1 million to buy a house - Top Stocks Blog - MSN Money
 
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EBay exec gets $1 million to buy a house

Posted Jul 28 2008, 03:02 PM by Kim Peterson
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The excellent Footnoted blog digs up an offer letter in an eBay filing, and finds that the company gave incoming executive Alan Marks $1 million to buy a house in the Bay Area. If Marks leaves the company within a year, he must repay the bonus.

Marks also gets a $300,000 annual salary, stock awards, annual bonuses, a one-time bonus of $65,000, up to six months in corporate housing and paid relocation. What, no golden coffin? So who is this guy and why is he so important?

Turns out Marks is in charge of "reputation management." Oof. Good luck with that. He's also the top guy for corporate communications, which means he'll figure out how eBay should position itself to the media, employees and shareholders. He previously worked for Nike and Gap.

EBay shares are down more than 2% today to $24.80.

Related reading:

"Golden coffins" for executives

Americans losing interest in eBay

EBay's unfair discount program

EBay's changing auction strategy

 

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Comments

 

Welfare in suits. Getting paid before they prove their worth or in this case the bottom line.  Executives are right up there with weather reporters, no accountability.  There should be a clause in their contract requiring reimbursement of all incentives if the company isn't turned around or improved by a huge percentage at the end of the two years.  If they leave within 5 years they should should have to pay all the incentives back too.  This hopping from company to company raping the stockholders because they can sell themselves is not ethical.  The boards too need to get off the stick and research these guys.

M. Vincent (Posted 07.29.08 1:02 PM) Report Abuse

I agree why is this a story?

Kim (Posted 07.29.08 1:10 PM) Report Abuse

Only 1 mill in the Bay area?  A 3 bed 2.5 bath fixer upper can easily go for $1.6.  If this is a sorry, it should be about the fact that you have to be a CEO of a company to live even a middle class life in the bay area.  

KL (Posted 07.29.08 1:13 PM) Report Abuse

I got tired of Investing in Stocks , that lose my Money while the Ceo Makes Millions and Millions in Bonuses.

That's why I started    www.MyMillionDollarScam.Com.

Frank T (Posted 07.29.08 2:53 PM) Report Abuse

I gotta side with ebay on this one, one million in the bay area may barely get you 3 bedrooms on a 1/3 acre lot.

For Reals (Posted 07.29.08 4:24 PM) Report Abuse

Hey, eBay either has to move out of California where reasonable house prices can be found, or stay and pay the piper when they recruit out of town talent.   The public schools here stink with all the recent immigration, so private schools are at least $25k per child per year...

Johann (Posted 07.29.08 11:36 PM) Report Abuse

Why are people always angry when they find out that executives make better money than they do?  Why is this such a shock?  Would you really want someone running a billion dollar company who could make the same money at the drive through window of Taco Bell?

"Oh my God!  Execs at E-Bay make enough money to buy a house!  What's the world coming to?"

And that stupid comment about the stock taking a beating?  Is it your suggestion that the people who work at E-Bay should only get paid if the stock is going up?  I don't know where you work but I expect to get paid by the company I work for even if the economy is in a slump.

News Flash!  Some people get paid well.  End of story.

Bobby (Posted 07.30.08 12:32 AM) Report Abuse

I guess ppl will be looking more towards craigslist now. Easier and cheaper to deal with. Seems like when a company makes money and gets statis ...they up the price of everything and BAM ...Well I will take my business to craigslist and enjoy that. And even save money and make more...time will tell.

teri (Posted 07.30.08 1:33 AM) Report Abuse

Pricks they would not refund a $100.00 some ahole ripped off from me

Iwill never do business with them again

ooba dooba (Posted 07.30.08 10:17 AM) Report Abuse

No one should get paid that kind of money to play ball. Go to work during the day teaching children and play ball when you get off. GMOORE

GARY MOORE (Posted 09.13.08 2:46 AM) Report Abuse

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