Sun man gets 56 per cent pay hike

Dom · Sep 23, 2004, 11:54 AM

"SUN'S NEW number two, Jonathan Schwartz, has seen a 56 percent boost in his salary over the last year and is getting paid nearly seven times more than his boss Chief Executive Scott McNealy.

Schwartz was paid $677,000 in fiscal 2004, a 56 per cent raise over 2003, while McNealy gets only $100,000.

According to a Wednesday filing with the U.S. Securities and Exchange Commission, Schwartz's salary of about $559,000 was supplemented by a $108,000 bonus, $6,000 for other compensation and $3,500 for patent applications. In addition, he was awarded 1.5 million stock options.

Sun has been taking drastic measures to push itself into productivity including three waves of lay-offs. In the last quarter the company has returned to profit but is still a long way from where it was five years ago.

But then, aren't we all?"

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Source: TheInquirer

Sep 23, 2004, 11:54 AM	#1
Dom DriverHeaven Extreme Member Join Date: Jun 2002 Posts: 12,940 Rep Power: 0	Sun man gets 56 per cent pay hike "SUN'S NEW number two, Jonathan Schwartz, has seen a 56 percent boost in his salary over the last year and is getting paid nearly seven times more than his boss Chief Executive Scott McNealy. Schwartz was paid $677,000 in fiscal 2004, a 56 per cent raise over 2003, while McNealy gets only $100,000. According to a Wednesday filing with the U.S. Securities and Exchange Commission, Schwartz's salary of about $559,000 was supplemented by a $108,000 bonus, $6,000 for other compensation and $3,500 for patent applications. In addition, he was awarded 1.5 million stock options. Sun has been taking drastic measures to push itself into productivity including three waves of lay-offs. In the last quarter the company has returned to profit but is still a long way from where it was five years ago. But then, aren't we all?" _______________________ Source: TheInquirer