Sirius Satellite Radio paid its CEO Mel Karmazin $1.25 million in salary, plus a bonus of $3 million, as well as $16,937 in retirement plan contributions and profit sharing, according to a recent regulatory filing. His total compensation is valued at $4.3 million in 2006.
Karmazin was awarded the $3,000,000 cash bonus in February of this year in recognition of his performance, as well as based on meeting various other corporate goals. Note that the base salaries of Mel Karmazin (as well as Scott Greenstein and David Frear) were not changed in 2006.
It was also disclosed in the filing that Mel received stock awards of $2.83 million and options valued at $24.1 million... bringing the total tally up to $31.2 million last year.
WOW....
I could have made WAY worse decisions and brought down Sirius a lot faster than he has for less money than that.
$31.2M to bankrupt a company. Great job.
PFreak how much does Hugh and Gary make.
More importantly how much does the CEO of the largest monopoly in the county make? Mel can't raise rates (or Gary for that matter) to raise his pay. Brian Roberts of Comca$t can and did the bigging of this year.
Yeah... I would say that's about $131.2M too much. But hey, that's just my opinion.
all ceo's are overpaid, the rank and file underpaid...
go look at the big three airlines, they asked everyone for pay cuts and the top brass recieved millions and partial stakes in the post bankrupt companies.
just fucking stupid, but then again he is a smart man who took advantaged of a dumb company.
What a joke!! I know people who work for that company growing the business and get paid nothing for what they do.
Mel,
pay your employees and lead by example. Your not the only person who makes things happen at your organization.
just tihnk of the guy that thought
o.o would bring in subs.
he must be doing well also.
ZERO POINT ZERO.
Mel is earning his money.
Given the absolute disaster he inherited from Clayton (including the hiring of Stern for 3/4 billion dollars), he has done a fantastic job by only losing a couple billion since he got there.
If anyone was going to complain about CEO salaries, it ought to be about the money paid to Clayton for the absolute, gross incompetence that made SIRI the financial train wreck it is at this time.
Does anyone remember the "$2 Million Giveaway", where Sirius handed a married couple in Northeast Arkansas $2 Million cash as a promotional gimmick? I didn't think so.
Getting Mel for this almost immaterial amount of money is nothing short of a coup for SIRI.
Under the Karmazin/Stern powerhouse, Sirius has gone from an also-ran to the clear market leader. This is money well deserved - despite what a certain O&A crybaby has to say in HIS comment.
Thanks to Mel, Sirius will be bankrupt in a year or less. Way to earn that pay big guy.
What a freaking joke.
When I see that stock go up and stock holders are taken into consideration...then ill say its well deserved. But too much godam money has been thrown around on both sides with little of it going into marketing. We should be seeing Them everywhere like coke and pepsi.
Will StackPointer please pass what ever he's drinking/smoking?
Sirius is loosing its work force every day, the stock is in the toilet, the merger probably won't happen, they bleed cash.
From gthe moment the merger is blocked I give them 12 months to live
Last 5 Quarters
12/31/05 Sirius 55.99% XM 44.01%
03/31/06 Sirius 57.23% XM 42.77%
06/30/06 Sirius 60.15% XM 39.85%
09/30/06 Sirius 60.67% XM 39.33%
12/31/06 Sirius 67.18% XM 32.82%
Yep, Mel really earned his money. XM is going downhill fast!
"Under the Karmazin/Stern powerhouse, Sirius has gone from an also-ran to the clear market leader."
Really? They are still the 2nd place company with about 2 million fewer subs than XM and that's being kind as Sirius gives away 1 year subs and counts them along with unsold cars. They are losing cash at an unbelievable rate, much worse than XM, they have worse OEM contracts and now they have lost their lead at retail. Oh, and their stock price has done nothing but lose almost another third of its value since Mel took over. Some powerhouse.
XM once had 3 million more subscribers than Sirius. Now the difference is 1.5 million. Explain that zombie PFreak.
Easy, it gets harder and harder to sign up customers and the more you have the worse the churn gets. Notice that Sirius has stalled at about the same number that XM did? That doesn't even take into account the half million unsold cars that Sirius counts as "subs" or the 1 year free subs that Sirius counts as "paying subs" even though history tells us that only about half will become paying customers at best. So, Jordi, in all honesty, the gap is still around 3 million. Now I certainly don't excuse the poor management and advertising XM did the past year or two but I hope that helps you understand.
Now why don't you address the actual content of my post? Tell me how Mel deserves $31m for driving the stock price down from a pathetic $4 to under $3.
And then, please, take some fucking English classes.
PFreak quote:
"I do make comments on your writing because it's incredibly poor and hard to take you seriously"
That sentence was poorly written and you're making fun of my grammar you stupid cunt. Tell me one thing I wrote that was incoherent. You can't shithead.
The correct way of saying what you wrote:
"I do make comments on your writing because it's incredibly poor making it very hard to take you seriously"
And that zombie mentality is amazing! XM still has a 3 million lead? BRAINS! BRAINS!
PFreak quote:
"I do make comments on your writing because it's incredibly poor and hard to take you seriously"
That sentence was poorly written and you're making fun of my grammar you stupid cunt. Tell me one thing I wrote that was incoherent. You can't shithead.
The correct way of saying what you wrote:
"I do make comments on your writing because it's incredibly poor making it very hard to take you seriously"
And that zombie mentality is amazing! XM still has a 3 million lead? BRAINS! BRAINS!