SiliconBeat

The people and companies driving the innovation of Silicon Valley

Tessera OKs 10 percent raise for new CEO named in August

Wow, that was fast. Henry Nothhaft, who was named chief executive at Tessera Technologies in  August after serving on its board as vice chairman, scored a 10 percent raise after less than five months on the job.

Nothhaft was originally granted a salary of $455,000 according to his employment agreement dated Aug. 5, along with an option grant for 375,000 shares and a restricted stock grant for 40,000, and he’s eligible for a pro-rated year-end bonus.

Last week, the board of director’s compensation committee OK’d raises for several executives, including Nothhaft, who will get an extra $45,000 a year in 2009, boosting his salarly by 9.9 percent to $500,000 next year.

The company’s new chief financial officer, Michael Anthofer, also was granted a raise for next year after being on the job less than three months, but his is a relatively modest 3.4 percent increase from $290,000 to $300,000 a year.

The company’s former CEO and still chairman, Bruce McWilliams, who made $6 million exercising options in 2007,  will continue to be paid an annual salary of $455,000, even though he’s no longer the chief.

Share/Save/Bookmark

Leave a Reply