Media reviews recommend that outgoing Coinbase chief product officer Surojit Chatterjee can have made about $105 million from inventory gross sales by the point he leaves workplace on Feb. 3, 2023.
Estimates made by compensation specialists
DL Information estimated Chatterjee’s earnings, which it claims was counterchecked by two govt compensation specialists. The publication named Paul Hodgson, a senior advisor with Esgauge, and Rosanna Landis Weaver, a senior supervisor on the shareholder advocacy group As You Sow, because the sources who checked the estimate.
In accordance with them, Chatterjee has made about $115 million since he joined the crypto trade from Google in February 2020. Apparently, the Coinbase C-suite govt was reportedly set to earn as a lot as $646 million in his time on the firm.
In accordance with a Bloomberg report, Chatterjee’s stake in Coinbase was value about $180.8 million quickly after the crypto trade went public. Moreover, he was in line to obtain share choices over the following 5 years that, based mostly on Coinbase’s inventory value on the time, would’ve been value $465.5 million, all advised.
The absurdly excessive quantity was brought on by the fast improve within the value of Coinbase inventory, which soared to a excessive of greater than $342 a share at one level.
Moreover, the crypto trade had reportedly put in place a requirement for its executives to commerce their inventory choices frequently. In accordance with his SEC filings, Chatterjee offered his choices in 65 completely different transactions, largely in 2021, which netted him about $102 million in money features.
Coinbase continues to put off workers
Chatterjee, who oversaw product administration and design at Coinbase, reached a mutual settlement with the corporate on Oct. 28, 2022, to step down from his place.
The separation settlement indicated Chatterjee’s final day at Coinbase could be Nov. 30, 2022, however he would proceed serving in an advisory capability till Feb. 3, 2023.
The Coinbase govt had a five-year contract however is leaving after solely three years to “take a breather.”
The crypto trade has let go of greater than 2,000 workers since June final yr because it involves phrases with an unforgiving crypto market. It additionally just lately introduced that it might be winding down its Japanese operations in a bid to chop down on operational prices.
It’s unclear whether or not Chatterjee’s resignation is a part of the continued efforts to chop prices on the crypto trade.
The outgoing chief product supervisor has said that a part of his motive for stepping down was ongoing household points that he had but to return to phrases with, together with the passing of his mom and the analysis of his father with Alzheimer’s.
Chatterjee will even hold 249,315 shares of Coinbase inventory. These shares are value about $13 million on the present value of $52.53 for Coinbase inventory.
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