3 ms·

CEOs get all kinds of compensation. Business jet travel, security, etc. This line item could be just tax optimization for this guy. I am not trying to defend h

by woobar 3y ago

CEOs get all kinds of compensation. Business jet travel, security, etc. This line item could be just tax optimization for this guy. I am not trying to defend him, he is getting paid a lot: "On May 5, 2023, the Board granted Mr. Aquila an award of 6,884,682 RSUs. These awards vest on May 5, 2024, subject to continuous service." [1] At current stock price it is ~$20M. Getting outraged about additional $1.7M that was negotiated several years ago is strange. It does make a great headline, but would it change anything if he is paid $22M and pays for the jet out of pocket? [1] https://ir.stockpr.com/canoo/sec-filings-email/content/0001628280-24-014075/goev-20231231.htm#i5cf4fcff5f5a4438b15ae9a52ca671ee_112 https://ir.stockpr.com/canoo/sec-filings-email/content/00016...

axlee 3y ago
Well, what kind of world-class engineers could he get for $1.7M a year? How many salespeople ? Seems like the CEO's comfort when travelling should be a lot lower in the company's list of priorities, as it's losing hundreds of millions a year.
singleshot_ 3y ago
It would make a difference to the IRS, wouldn’t it?
gangstead 3y ago
Totally agree. I'm not usually in the habit of defending millionaires. But I thought there used to be a justification for private jet travel of maximizing the CEO's time. The company is investing $20M per year in this asset and he's probably flying for meetings all the time and if a private jet cuts a couple hours of airport transit / wait time off of each flight it's probably worth it for the increased amount of meetings he can attend. Maybe that can be achieved for less than $1.7M, I'm not informed enough. This source https://simpleflying.com/gulftream-g700-cost-to-own-operate-guide/#:~:text=Capital%20and%20operating%20cost&text=Libertyjet.com%20shows%20that%20the,operating%20cost%20of%20%242.17%20million https://simpleflying.com/gulftream-g700-cost-to-own-operate-.... says it's a little more than $2M per year to operate a Gulfstream G700, I don't know what kind of jets CEOs are using these days.
deleted 3y ago
[deleted]
deleted 3y ago
[deleted]
throwawaymaths 3y ago
Canoo did a 1:23 reverse split last month, so take that into account.... His comp in Rsus is probably shy of $1M
- woobar 3y ago
  Great point, I did not know this. OTOH, at the time of grant it was a respectable $5M, and it is not the first one.

by woobar 3y ago

axlee 3y ago

Well, what kind of world-class engineers could he get for $1.7M a year? How many salespeople ? Seems like the CEO's comfort when travelling should be a lot lower in the company's list of priorities, as it's losing hundreds of millions a year.

singleshot_ 3y ago

It would make a difference to the IRS, wouldn’t it?

gangstead 3y ago

Totally agree. I'm not usually in the habit of defending millionaires. But I thought there used to be a justification for private jet travel of maximizing the CEO's time. The company is investing $20M per year in this asset and he's probably flying for meetings all the time and if a private jet cuts a couple hours of airport transit / wait time off of each flight it's probably worth it for the increased amount of meetings he can attend. Maybe that can be achieved for less than $1.7M, I'm not informed enough. This source https://simpleflying.com/gulftream-g700-cost-to-own-operate-guide/#:~:text=Capital%20and%20operating%20cost&text=Libertyjet.com%20shows%20that%20the,operating%20cost%20of%20%242.17%20million https://simpleflying.com/gulftream-g700-cost-to-own-operate-.... says it's a little more than $2M per year to operate a Gulfstream G700, I don't know what kind of jets CEOs are using these days.

deleted 3y ago

[deleted]

deleted 3y ago

[deleted]

throwawaymaths 3y ago

Canoo did a 1:23 reverse split last month, so take that into account.... His comp in Rsus is probably shy of $1M

woobar 3y ago
Great point, I did not know this. OTOH, at the time of grant it was a respectable $5M, and it is not the first one.