×
You will be redirected back to your article in seconds

Twitter CEO Jack Dorsey Declines Compensation in 2017 for Third Straight Year

Twitter CEO and co-founder Jack Dorsey again got paid nothing to run the social-networking company last year.

“As a testament to his commitment to and belief in Twitter’s long-term value creation potential, our CEO, Jack Dorsey, declined all compensation for 2017,” the company said in a proxy statement filed Wednesday with the SEC. It’s the third year in a row Dorsey is turning down pay from Twitter.

But Dorsey still owns a bundle of equity in Twitter, whose stock has increased in value 20% since the beginning of 2018. As of April 2 Dorsey owned 18 million shares of Twitter, currently worth $529 million as of Wednesday’s closing price. His holdings represent 2.39% of all outstanding shares.

Dorsey also is the CEO of payments company Square, where his base annual salary was $2.75 for the year ended 2016. He owned 65.5 million shares of Square, according to the company’s 2017 proxy statement, which currently would be worth $3.1 billion.

According to Twitter’s filing, CFO Ned Segal — who started at the company last August — had a total compensation package worth $14.3 million for 2017. That included $165,385 in base salary and a $300,000 bonus.

Twitter executive chairman Omid Kordestani, the former Google chief business officer who joined the company in October 2015, was paid $50,000 in base salary and $2.04 million in stock in 2017 (a total comp package up 12.6% from 2016).

The company has scheduled its 2018 annual stockholders meeting for May 30, 2018 at 11 a.m. Pacific. The meeting will be “completely virtual,” conducted via live audio webcast. Twitter shareholders will vote on whether to re-elect four directors, to serve until 2021: Debra Lee, chairman and CEO of BET Networks; former Google CFO Patrick Pichette; Martha Lane Fox, founder and chair of karaoke company Lucky Voice; and David Rosenblatt, CEO of 1stdibs.com.

Among other items up for vote at the meeting is a proposal that Twitter to provide a report to shareholders on its content-enforcement policies. That would review “the efficacy of its enforcement of its terms of service related to content policies and assessing the risks posed by content management controversies (including election interference, fake news, hate speech and sexual harassment) to the company’s finances, operations and reputation.” Twitter recommends voting against the proposal, saying the board thinks it’s unnecessary “n light of our current practices, level of public transparency about these matters and our key initiatives.”

More Digital

  • Missing Link Laika Studios

    ‘Missing Link’ Again Tops Studios’ TV Ad Spending

    In this week’s edition of the Variety Movie Commercial Tracker, powered by the TV ad measurement and attribution company iSpot.tv, Annapurna Pictures claims the top spot in spending for the second week in a row with “Missing Link.” Ads placed for the animated film had an estimated media value of $5.91 million through Sunday for [...]

  • Sirius Logo

    SiriusXM Unveils $8 Essential Plan for Consumers Without Cars

    SiriusXM wants to cater consumers without cars, or cars without compatible stereos, with a new $8 plan for mobile and in-home listening. Dubbed SiriusXM Essential, the plan offers access to 200+ channels featuring the network’s entire music programming, as well comedy, news and select sports channels. Consumers will be able to test the new plan [...]

  • Mueller Report Book Editions Top Amazon's

    Mueller Report Book Editions Shoot to Top of Best-Seller Lists at Amazon, Barnes & Noble

    Robert Mueller is now a best-selling author. Book publishers’ forthcoming editions of the special counsel’s report zoomed to the top of the Amazon’s and Barnes & Noble’s lists of book best-sellers Friday. That comes a day after the report was publicly released, culminating the nearly two-year investigation into Russian interference in the 2016 U.S. election [...]

  • Marques Brownlee - Retro Tech

    YouTube Orders Marques Brownlee 'Retro Tech' Original Series

    YouTube has turned to one of its homegrown stars — technology vlogger Marques Brownlee, aka “MKBHD” — for its newest original series. The video platform has greenlit series “Retro Tech” featuring Brownlee, in which he’ll unbox and review vintage technology products that have defined pop culture. The show, slated to debut in December 2019, follows [...]

  • Netflix Tests Random Episode Button in

    Netflix Starts Testing Random Episode Button

    Netflix is testing a button to play random episodes of select TV shows, the company confirmed Friday morning. “We are testing the ability for members to play a random episode from different TV series on the Android mobile app,” a Netflix spokesperson told Variety. “These tests typically vary in length of time and by region, [...]

  • Netflix Our Planet Sophie Darlington

    Netflix's 'Our Planet' Roars to Life With Work by Top Wildlife Cinematographers

    In terms of scope, production time and — very likely — budget, Netflix’s “Our Planet” is one of the most ambitious projects from the streaming service to date. Narrated by David Attenborough and made available worldwide on April 5, the goal of the eight-part series is to capture diverse habitats across the globe and highlight [...]

More From Our Brands

Access exclusive content