Intersil’s ex-CEO consulting gig worth $15,000 an hour
Richard Beyer quit being chief executive at the Milpitas chip maker Intersil as of last
Sunday. The next day the company and he agreed that he would continue as a consultant for the next month, providing up to 10 hours of advice per week through April 16. In return, the company agreed to let some of his unvested stock option and stock “units”, which would have expired when he quit, continue vesting for an additional month.
To account for the extra vesting, the company will add $685,549 to its compensation expense for the quarter. Breaking that down by the 45 or so hours Beyer might conceivably be”consulting” during that time, his hourly rate comes out to more than $15,000 an hour.
Nice work if you can get it. But very, very few of you can.
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Like all valley semiconductor companies, they will just report non-gaap earnings anyway and exclude these non-cash items. As a CPA and financial reporting guy myself I dont believe in non-gaap (you could write a whole series of articles on that) but I wonder if I will when and if I am a CFO some day . .