Twitter is giving Anthony Noto an additional $12 million a year in stock for his new job
Twitter's Anthony Noto will receive an annual compensation package of $12 million per year as the company's new Chief Operating Office, according to a SEC filing by the company on Wednesday.
Noto is replacing longtime Twitter COO Adam Bain, who announced his sudden departure from the struggling social network earlier this month.Now that Noto has been promoted from CFO to COO, Twitter is awarding him a new stock package that vests over a four year period.
Noto is receiving a total of 940,000 restricted stock units and 325,000 performance-based restricted stock units as part of his new pay package, the company said.
In addition, in the event that Noto is fired, he will get 100% of his $250,000 base salary in severance, instead of the 50% portion that he was previously entitled to.
Noto "will continue to lead the live content business and assume responsibility for Twitter's revenue-generating organizations as well as global partnerships and business development and other functions," according to the SEC filing.
Twitter is looking for a new CFO to replace Noto, who is still currently serving as COO and interim CFO.
Noto received a $73 million total compensation package when he was hired from Goldman Sachs in 2014 - an unusually high number for Twitter executives that raised eyebrows at the time.Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!