Solyndra Executive Bonuses Kept Coming in 2011

A new reason for outrage at Solyndra: executive bonuses. Aren’t employees at Silicon Valley startups supposed to scrimp and economize?

While Solyndra burned, the executives fiddled -- and kept feeding themselves healthy bonuses.



Dana Hull of the San Jose Mercury News read the 277-page Solyndra bankruptcy documents so you wouldn't have to. She uncovered the fact that Solyndra bankruptcy law firm Gibson, Dunn & Crutcher earned $616,838 this summer -- including $275,000 on August 19. (Here's a link to download the bankruptcy document.)

I took a look at the document and it appears that executives were provided substantial bonuses at the same time that the firm was bleeding cash and soon to lay off 1,100 employees with little notice or continuing health care benefits.

Here are a few screen captures of the appalling lack of fiscal responsibility at this company.

Karen Alter, Senior Vice President of Marketing at Solyndra, received $55,000 on April 15, 2011 and $55,000 on July 8 to go along with her quarter-million-dollar salary. Ben Bierman picked up $60,000 on April 15 and another $60,000 on July 8 to supplement his $276,000 salary. Bierman was EVP of Operations and Engineering and was presenting cheery, optimistic PowerPoint obfuscation sessions as late as July, as well.



 

Wilbur Stover, Solyndra's CFO and a veteran of the Micron price-fixing scandal, had a $367,000 salary and also collected at least $120,000 in bonuses. He joined CEO Brian Harrison in pleading the Fifth Amendment while under congressional questioning.

 

Paula Camporaso, VP of Information Technology; Dave Sanat, Vice President of Supply Chain; and John Gaffney, Corporate Counsel were among the many Solyndrans also collecting substantial bonuses.

Dr. Chris Gronet, one of the founders of Solyndra and the firm's former CEO, "transitioned to the role of advisor and consultant" on July 1, weeks prior to the official announcement of him pursuing "new opportunities and challenges in cleantech." He was supposed to receive a $456,000 severance package but never received the funds.