Kiwi Camara, CEO of Austin-based legal technology firm CS Disco Inc., is one of the few executives who can claim a compensation package surpassing that of Apple Inc. CEO Tim Cook.
While Cook is expected to face a pay cut this year of around 40%, following shareholder guidance and his own recommendation, his compensation for fiscal 2022 reached $99.4 million, as disclosed in Securities and Exchange Commission filings.
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CS Disco, with a book value slightly exceeding $500 million, stands in stark contrast to Apple’s massive $2.98 trillion net worth.
According to data from analytics company C-Suite Comp, nine CEOs crossed the $100 million mark in total compensation last year. Among these executives are Blackstone Inc. CEO Stephen Schwarzman, who received $253 million, and Alphabet Inc. CEO Sundar Pichai, who earned $216 million. Hertz CEO Stephen Scherr also joined the exclusive club with a compensation package totaling $182 million.
Camara, a 39-year-old entrepreneur, secured almost $110 million in earnings last year, a substantial increase from his previous year’s earnings of $1 million. This achievement was the result of a combination of $500,000 salary and $109 million in stock options. The value of the stock options is tied to specific targets, which must be met by 2032, or in the event of an acquisition or Camara’s departure from his position.
While the compensation is amongst the highest in the world, many companies are often happy to pay millions for some of the top talent in the world. While this can often be a contentious point for investors and stakeholders alike, top executives have experience growing companies into the billions ultimately adding unparalleled valued.
Startups are often nothing more than a founder and an idea. Even Microsoft Corp. was once a startup, and while Bill Gates made hundreds of billions on its rise to the top, so did many of its shareholders. The potentially lucrative nature of startup investing has helped propel the recent spike in startup investing on platforms like StartEngine and Wefunder.
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About Camara
Born in the Philippines, Camara migrated to the United States as an infant, but his path was not without its share of controversy.
In 2002, while a 16-year-old Harvard University law student, he uploaded class notes online, inadvertently revealing his use of a racial slur in reference to legal covenants restricting Black people from purchasing land. This incident sparked a considerable outcry among his peers. Camara issued an apology for his use of the offensive term and later revealed that it hindered his prospects of securing a prestigious position at a law school.
He graduated from Harvard at age 19, making him the youngest graduate in the school’s history so far. But in 2007, he made headlines again for being the 22-year-old whiz kid who couldn’t land a job, which he said was a result of the racial slur.
In 2013, Camara ventured into the world of legal technology by establishing CS Disco. The company focuses on cutting-edge technologies such as artificial intelligence (AI) and cloud computing, aiming to streamline workflows for lawyers and law firms.
CS Disco made $135.2 million in revenue during its 2022 fiscal year. However, the company also reported a net loss of $70.8 million, marking an increase from the previous year’s net loss of $24.3 million.
The number of CEOs surpassing the $100 million threshold in 2022 compared to the previous year has declined. Last year, Bloomberg reported that more than 30 public company executives exceeded $100 million at the end of 2021.
This trend is indicative of the growing skepticism among shareholders and investors regarding executive pay.
As an example, Netflix Inc. shareholders recently voted against a pay package for Co-CEO Ted Sarandos, which included a $3 million salary, $20 million in stock and a potential bonus of up to $17 million. Although the vote was nonbinding, it was initiated by striking writers who voiced their concerns over the executive’s compensation. Such developments reflect a broader shift in attitudes toward CEO pay and the increasing scrutiny being placed on these remuneration practices.
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This article The Youngest-Ever Harvard Law Graduate Earned Over $100 Million From An Unknown Tech Company — More Than Apple CEO Tim Cook originally appeared on Benzinga.com
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Source: https://finance.yahoo.com/news/youngest-ever-harvard-law-graduate-190000944.html