Christos Cotsakos Gone From E*Trade

from the that-took-long-enough dept

Christos Cotsakos made a lot of news last year when it was announced that, while his company had lost $240 million, he was being rewarded with approximately $80 million in benefits for a job well done. The company spokesperson must have had to hold back the laughter when she was forced to say, at the time, that the compensation package, "reflects the success the company has had under his leadership". When that story broke, there was a compensation "expert" who said the only explanation might be that the board was just stupid. Well, the board has wizened up a bit, and they've told Cotsakos to take a hike. Of course, he's probably a scapegoat for the problems the company is having, but drawing attention to himself with a ludicrous pay package while the company is collapsing didn't do him any favors with the board. Of course, he's still got those millions of dollars to comfort himself.