Microsoft's Stephen Elop makes a big move [footnoted.org]
On Friday, Microsoft (MSFT) announced that its board had adopted a “say on pay” plan that will allow investors to vote every three years on compensation for senior executives.
We don’t mean to be cynical here — not too much, anyway. But what was particularly ironic about that announcement was that it came on the same day that Microsoft filed its preliminary proxy which had some interesting details about … [the new] president of Microsoft’s Business Division.
In the filing, Microsoft notes that “During fiscal year 2009, other than relocation assistance, we did not provide any significant perquisites to our named executive officers” which sounds great until you skip down to footnote 4 to the summary comp table and then sub-footnote (it’s a footnote to footnote 4) 1, which notes that Elop’s relocation cost a whopping $4.1 million….
