Nasdaq chief pay docked due to Facebook debacle

 
Michael Bow
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EXCHANGE operator Nasdaq OMX slashed the pay of chief executive Robert Griefeld last year over the company’s botched float of Facebook in May 2012.

Griefeld saw his incentive pay out for 2012 cut by the firm’s remuneration committee by $542,100 ( £352,329) due to the debacle, according to a regulatory filing. The discretionary pay cut helped reduce his total bonus by 62 per cent, giving him a total reward of $1.35m, on top of a $1m base salary. The company’s executive vice president of global technology Anna Ewing also saw $263,625 taken from her pay packet due to the Facebook incident.

The mishandling of the float was caused by a glitch that meant brokers could not see if they had bought Facebook stock or not. US regulators sanctioned a higher compensation payout to affected parties last month.

Yesterday’s filing said: “The committee and board explicitly considered the Facebook IPO in connection with their review and determination of these reduced payouts.”