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03.12.2009 6:33 pm

New MEMC chief gets at least $1.8 million, plus options

St. Louis Post-Dispatch
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Ahmad R. Chatila, the new chief executive of MEMC Electronic Materials, will get a base salary of $750,000 plus a  minimum bonus this year of $500,000 and a signing bonus of $600,000. The former Cypress Semiconductor executive, who became CEO on March 2,  also was given options to buy 1.7 million shares over the next five years, plus 75,000 restricted stock units. The details of his employment agreement are in a proxy statement filed today with the Securities and Exchange Commission.

Former CEO Nabeel Gareeb, who stepped down in November, earned $6.6 million in his last year with the company. That included a salary of $892,500 and a bonus of an identical amount, plus options valued at $4.8 million. The latter is an accounting charge for older awards; he got no new options during 2008.

Gareeb’s W-2 will show a much bigger figure because of options he exercised during the year. His gain on them was $37.5 million.

Marshall Turner, a director who took over as interim CEO on Nov. 12, got a salary of $90,000 and options with a grant-date value of $345,600.

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3 comments

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It is nice to see that MEMC has a new CEO and things may turnaround for them, but when are they going to put the laid-off employees back to work? They have been out of work since Mid-December and 1.8 million would go a long way to helping them out.

— FLG8RS
10:21 am March 13th, 2009

Must be time to feed another useless CEO not worth the standard pay let alone the additional feedbag he’s wearing, I agree 1.8 mill wounld have put people who actually work there to come back to a job they need badly
all the former CEO’s seem to have found the pot of gold at the end of the rainbow to bad

— RACEPRO48
11:30 am March 13th, 2009

Good luck MEMC
At least you’re in much better financial shape than during the last crisis.
People seem to have gotten a good first impression of the new CEO. I believe you can ride the crisis and emerge stronger than before

— ex-MEMC
5:30 am March 15th, 2009