VeriSign gives founder Bidzos $4 million stock grant for his temporary return - Jack Davis, Mercury News, 8/8/2008

VeriSign gives founder Bidzos $4 million stock grant for his temporary return

 
POSTED BY JACK DAVIS ON AUGUST 8TH, 2008 AT 2:06 PM | CATEGORIZED AS EXECUTIVE PAY, HIRINGS, VERISIGN | TAGGED AS EXECUTIVE PAY, HIRINGS, JAMES BIDZOS, STOCK BUYBACKS, VERISIGN

VeriSign filed details of the compensation package being given to founder James Bidzos, who returned to the company as its interim chief executive at the end of June. His annual salary was set at $900,000, half of which is guaranteed for six months, regardless of whether a permanent CEO is hired.

Bidzos also received a grant of restricted stock worth $4 million when they were approved Aug. 4. The stock vests quarterly over a one-year period, no matter what.

VeriSign shares plunged 12.7 percent yesterday after the Internet infrastructure company reported a wider second-quarter loss as it absorbed the costs of a major reorganization. The drop may have helped hasten a move by the company’s board authorizing a stock buyback of $680 million worth of VeriSign shares.