Wednesday 7 December 2016

Twitter gives new chief Kordestani €10.4m share award

Caleb Melby

Published 18/10/2015 | 02:30

New Twitter executive chairman Omid Kordestani
New Twitter executive chairman Omid Kordestani

Twitter granted new executive chairman Omid Kordestani $11.9m (€10.45m) in restricted stock, according to a filing from the San Francisco-based social network. Kordestani will also receive 800,000 options to purchase Twitter shares and an annual salary of $50,000.

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Kordestani - who was Google's 11th employee and eventually became its chief business officer in 2014 - was appointed to Twitter's board last week. He had previously built a $1.3bn net worth by selling shares in Google, according to the Bloomberg Billionaires Index.

At Twitter, he is taking the post that Jack Dorsey vacated when he was named chief executive officer this month. Kordestani will have an operational role, helping with recruitment and strategy.

Following investor criticism, Twitter is working to improve its product, making it easier for casual users to stay active and find helpful content.

Last week, Twitter announced a major global jobs cull, which will see the social media's giants staff numbers cut by 8pc.

Twitter employs more than 200 people at its Dublin offices and recently signed a 20-year lease to move to a far larger headquarters at Cumberland House.

It also introduced Moments, a long-awaited product intended to make Twitter easier for casual users to understand.

Kordestani's role at Google was reduced when it reorganised into Alphabet, the Internet search giant's parent company.

Google had awarded Kordestani $97.7m in 2014 compensation, making him the seventh-highest-paid executive in the US, according to the Bloomberg Pay Index.

He forfeited 84pc of the equity awards in that pay package on September 30, which were then valued at €100.5m. The remainder had vested.

"Omid is a proven and experienced leader, who will directly help and coach me and our leadership and help us recruit the best folks to Twitter," Dorsey said on Twitter.

Sunday Indo Business

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