This might sound a little strange but several Facebook's top executives are earning far more compensation than the founder Mark Zukerberg!
Apart from being a philanthropist, Zukerberg is a man with exceptional business acumen. He appreciates the worth of the people working for him and hence has no qualms if they go on to make more money.
According to paperwork filed by the Security and Exchange Commission (SEC) yesterday, Zuckerberg took home $1,487,362 including a base salary of $483,333, bonuses amounting to $220,500 and $783,529 in "other” compensation covering chartered travel costs and security details.
However, it looks like most of the top management of the social networking site is earning more than Mark Zukerberg, well at least on paper.
Google's loss is Facebook's Gain
Sheryl Sandberg, Chief Operating Officer of Facebook earned 30,873,579 dollars the previous year out of which $30.5 million were in stock awards.
The salary she earned in 2011 was $295,833 and the bonuses for her performance totaled $86,133. Sandberg was earlier working for Google and was persuaded to join Facebook by Mark Zukerberg in the year 2008.
Surprisingly, Sheryl Sandberg made nearly 21 times more than what the founder Mark Zuckerberg earned as the Chief Executive Officer of Facebook.
Compensation of Facebook's Top Notch Officials
Close on heels is Mark Schroefer, the vice president of engineering, who pulled in a total compensation of $24.7 million last year including a salary of $270,833 and $ 24.3 million in stock awards.
Though David Ebersman, Chief financial officer (CFO) took a higher salary than Schroefer however his total compensation was less than that of Schroefer. He made 18.7 million dollars in total.
Theodore W. Ullyot, Vice President, General Counsel and Secretary made more than 6.9 million dollars in total.
In the filing, Facebook said its executive salaries "were below market relative to our Peer Group, both to retain the ethos of a start-up company and because of our emphasis on equity-based compensation."
All this information was revealed in IPO filled by the Facebook. Mark Zukerberg is expecting to raise targeted 5 billion dollars in the eagerly anticipated initial public offering of Facebook.
Given the stature Facebook enjoys its IPO is likely to sell like a hot cake!