4 ms·

It has to be disclosed, so you can look it up in the SEC filings. When Ken Chenault was added in 2017, his offer was $350k per year, with $50k in cash and $300k

It has to be disclosed, so you can look it up in the SEC filings. When Ken Chenault was added in 2017, his offer was $350k per year, with $50k in cash and $300k in RSUs. Jeff Zients received the same offer in 2018, except he got an additional $20k for being on the audit committee[1]. So, to answer your question, $350-370k / year. [0] https://content.edgar-online.com/ExternalLink/EDGAR/0001326801-18-000032.html?hash=b50c564befd7f2b257d587f6f2ebb32789c239bfbe4448eef39b00f0e83a9d27&dest=FB-03312018XEX104_HTM#FB-03312018XEX104_HTM https://content.edgar-online.com/ExternalLink/EDGAR/00013268... [1] https://content.edgar-online.com/ExternalLink/EDGAR/0001326801-18-000057.html?hash=e3867cb34053f157c6221be99d1590e2ae5d77d3f053df8a091da8462f490be0&dest=FB-06302018XEX101_HTM#FB-06302018XEX101_HTM https://content.edgar-online.com/ExternalLink/EDGAR/00013268...

nostromo 7y ago
While that sounds like easy money -- it's worth noting that boards are quite regularly sued, and sued personally, for breach of fiduciary duty, in class action lawsuits. So there's some risk and potential cost involved with taking these positions. Edit: thanks for the reply below!
- redis_mlc 7y ago
  That's what O & D insurance is for. The company pays for that.
  - texasbigdata 7y ago
    Not to be pedantic but I've only heard it referred as D&O insurance. The directors come first and its relatively expensive: google quotes $5k a year per million of coverage. Also not all things are covered and it can be litigated (in my limited experience) to force the insurer to pay. Plus you can still do something that gets you personally in trouble even with coverage. Obviously, a sweet gig and incredibly hard to get. But everything has some hair around it.
  - bradleyjg 7y ago
    Insurance can cover judgments but can’t get you out of being repeatedly deposed.
- jmchuster 7y ago
  > easy money Kind of a strange thing to say 350k to work as a board member is easy money, when the requirement to become a board member in the first place is to be a CEO who was previously being paid tens of millions of dollars a year.
  - xiphias2 7y ago
    I can imagine that the knowledge one gathers from being on the board is worth much more than that.
  - ojbyrne 7y ago
    Still being paid millions to be CEO. Being on a board is nowhere near a full time commitment.
  - wheelerwj 7y ago
    There is no requirement to have formerly been a CEO. There are no requirements at all for sitting on a board.
  - bogomipz 7y ago
    This is not true at all. There is zero requirement that sitting on board requires prior experience as a CEO.
- pottertheotter 7y ago
  I've worked under people who are on public boards. I can tell you that in their cases it was very easy money. Even more so since I did a lot of their work for them. Not everyone treats it that way, but it's cushy for a lot of them.

nostromo 7y ago

While that sounds like easy money -- it's worth noting that boards are quite regularly sued, and sued personally, for breach of fiduciary duty, in class action lawsuits. So there's some risk and potential cost involved with taking these positions. Edit: thanks for the reply below!

redis_mlc 7y ago
That's what O & D insurance is for. The company pays for that.
- texasbigdata 7y ago
  Not to be pedantic but I've only heard it referred as D&O insurance. The directors come first and its relatively expensive: google quotes $5k a year per million of coverage. Also not all things are covered and it can be litigated (in my limited experience) to force the insurer to pay. Plus you can still do something that gets you personally in trouble even with coverage. Obviously, a sweet gig and incredibly hard to get. But everything has some hair around it.
- bradleyjg 7y ago
  Insurance can cover judgments but can’t get you out of being repeatedly deposed.
jmchuster 7y ago
> easy money Kind of a strange thing to say 350k to work as a board member is easy money, when the requirement to become a board member in the first place is to be a CEO who was previously being paid tens of millions of dollars a year.
- xiphias2 7y ago
  I can imagine that the knowledge one gathers from being on the board is worth much more than that.
- ojbyrne 7y ago
  Still being paid millions to be CEO. Being on a board is nowhere near a full time commitment.
- wheelerwj 7y ago
  There is no requirement to have formerly been a CEO. There are no requirements at all for sitting on a board.
- bogomipz 7y ago
  This is not true at all. There is zero requirement that sitting on board requires prior experience as a CEO.
pottertheotter 7y ago
I've worked under people who are on public boards. I can tell you that in their cases it was very easy money. Even more so since I did a lot of their work for them. Not everyone treats it that way, but it's cushy for a lot of them.