Sirius Satellite Radio Inc. Executive VP and Chief Financial Officer David Frear extended his contract with the company, and will receive an increase in base salary, it was revealed today in an SEC filing.
Frear's employment agreement was set to expire in July of this year, but has been extended to July 2011.
Also, effective August 1st, 2008, David Frear's base salary will get a healthy boost to $750,000 per year. That's up from an annual salary of $525,000.
Sirius also granted Frear with 300,000 restricted stock units and 1,500,000 options to purchase common stock.
In recent months, Mel Karmazin had mentioned that the post-merger management team was not yet fully in place. If this is any indication, it looks like Mr. Frear doesn't have anything to worry about.
>>> David Frear's base salary will get a healthy boost to $750,000 per year.
He's earned it.
Over the three years ended 12/31/07, he has managed to come up with the money to keep SIRI afloat in spite of more than 2.5 Billion in net losses, all the while keeping Siriots pacified and the believers believing.
And that term paper he wrote setting out the "synergies" argument for Sirius -- hell, that alone is worth a couple hundred grand. After all, it would have taken a college graduate to piece together such a vague, meaningless document.
All he did was stroke the checks for and cock of Howard Stern. Howie did the rest. At least he knew who would be bringing in the subs.
You made the Stern show. Congrats
I am a sirius subscriber that started in early 2007 and I have never once listened to howard stern. I love sirius, there is tons of stuff on there for people to listen to.
ryan dont let 0.0 see that he will trash you