San Francisco: Twitter Inc. is giving chief financial officer Anthony Noto a hefty raise in return for taking on greater responsibilities at the struggling social media company.
At a meeting this week, directors awarded Noto 940,000 restricted stock units and 325,000 performance-based restricted stock units, with a total compensation target of $12 million per year, the company said in a regulatory filing Wednesday. The equity awards vest over four years.
The former Goldman Sachs banker is assuming the role of chief operating officer after the departure of Adam Bain. Twitter’s looking for a new CFO but, in the meantime, Noto will oversee the books while running global advertising sales, data and revenue products, partnerships and business development.
Twitter paid Noto $73 million in 2014, the year he joined the company from Goldman Sachs Group Inc. That was mostly stock awards that vest over several years. In 2015, Noto’s total compensation was just over $400,000, according to a regulatory filing.
Noto’s increased pay reflects his increasing control over Twitter’s fundamental strategy, unusual for your typical CFO. In particular, he’s championed a live-video approach, making deals with sports and news companies to stream their content. It’s now a key plank of Twitter’s plan to revive growth. Bloomberg