Sun: Where Are the Shareholders' Chauffeurs?

I was poking around looking for an explanation for today’s slide in Sun Microsystems (JAVA) shares when I read a fairly astonishing AP piece from a couple of days ago on the pay package paid in the June 2008 fiscal year to CEO Jonathan Schwartz. It turns out that in fiscal 2008 Schwartz was paid $11 million, a 44 percent raise over his fiscal 2007 compensation package. That includes his $1 million salary, a bonus of $1.04 million, 66,000 restricted stock units and options on 500,000 shares. Schwartz also received $52,000 for a car and driver–i.e., he gets a chauffeur–to transport him to work for what the company describes in an SEC filing as “security and efficiency reasons.”

Read the rest of this post


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »