Shaheen takes over at Siebel. How much will he get?
So George Shaheen has taken the helm of Siebel. Or see here. Hmmm, wonder how much he's going to get paid? Remember the outrage his Bubble-era pay package as CEO of Webvan caused here in the valley? When Webvan imploded, after less than two years on the job, the former Andersen Consulting chief got a retirement pay of $375,000 a year in perpetuity. The benefit was to be extended to his wife in case she outlived him. He received a $6.7 million ''non-recourse'' loan, secured by Webvan stock, to pay taxes on paper profits for 1.25 million stock options he exercised. After the value of Webvan shares plummeted, Shaheen "paid back" the loan by simply returning the shares, then worth about $150,000. The cost to shareholders: $6.55 million in real cash. Moreover, he cashed in on $100 million in options and stock as a Siebel board member, the Mercury News reported two years ago -- an example of lavish compensation at Siebel that helped bring about a suit by a shareholder, the Louisiana pension fund, to limit such packages. (Btw, $100 million is only about a third of Siebel's entire revenue for the most recent quarter.)