Spence will receive a cash severance of $1,875,000, per SEC filings. He will also get $7,500 per month and serve as a Sonos board advisor until June, and his unvested shares will vest.
If I was this bad at my job, I’d be shitcanned with no compensation. It’s pretty cool how we reward failure at the highest levels.
Golden parachute successfully deployed.
$1.8M is pretty small as golden parachutes go. Was probably the smallest amount allowed under his employment contract which avoids a lawsuit.
To paraphrase OP’s body text, if I did a shitty job I wouldn’t be receiving $1.9M checks in the mail.
Absolutely this. I’ve never seen a CEO golden parachute anywhere near being under $2m before. To most large company CEOs $2m is pretty much nothing relative to their regular stock options.