Next Big Sound (a/o June 18th):
Steve Jobs famously paid himself a salary of $1, and he built the most valuable company in the world. That isn't quite the scene at Pandora, though if this company has 99 problems, executive salary-gouging isn't one of them.
According to documents now filed with government regulators, the Pandora brass is easily clearing 6-figure salaries, but not gigantic, multi-million dollar ransoms. And, the millions that are involved are coming from options and stock packages, which means these guys have financial incentives to create value and make Wall Street like them. And with Pandora shares currently getting battered, that says something.
Here's a breakdown of the core salaries and cash bonuses for the top Pandora executives, as described in a recent SEC filing.
(CRO = Chief Revenue Officer; Fleming-Wood started mid-year.We didn't see anything on founder Tim Westergren)
As you can see in this excerpt of the filing, options and stock advances are where the big payouts come in. But not if Wall Street investors treat Pandora like so many other music stocks (which now looks like the case). In fact, stocks like Sirius XM Radio (SIRI) and Warner Music Group (WMG) have been brutalized into the low single-digits, in part because of outrageous executive compensation packages.
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