Das beste und beispielhafteste Statement eines CEOs, das ich bisher gelesen habe - 500 Beiträge pro Seite

[fsch]

By: dwether $$$$
Reply To: None Sunday, 26 Nov 2000 at 9:49 PM EST
Post # 182469 of 182559


Regarding my supporting shareholder value: Recently the Boston Globe and the WSJ printed articles about my benefiting from "realized gains" totaling around $193mm. This simply is NOT the case. That info was taken from a recent SEC filing made by CMGI, and it is understandable that such a misunderstanding could occur.

Here are the facts:

During fiscal 2000, I had to exercise 1.2mm options I was granted in 1993, or they would expire. These were the only options I was granted over a ten year period from when I first managed a leverage buyout of CMGI in 1986. Actually, I was granted 100,000 shares, but the number grew to 1.2mm with splits. Anyway, I exercised the options, and because of the delta betweent the option grant price, roughly 34 cents per share, and the exercise price, roughly $85/share, I had to pay roughly $35mm in taxes with after tax dollars. I NEVER sold one of these CMGI shares, even though my present value of these shares (now 2.4mm with an additional split) is well below the amount of taxes I paid. That`s OK, because I believe these shares are a good long term investment.

In other words, instead of a realized value, I am actually underwater to the tune of about $10mm for all options that I was granted from 1986 to 1998 (or 1999). I`m not pleased about that, but I simply want the facts straight. Neither the Boston Globe nor the Wall Street Journal reported that, but then again, they never asked me.b

In addition, I went out with more than $5mm of after tax dollars and supported CMGI by purchasing shares around $21 dollars per share. Again, neither newspaper reported this fact.

The prior facts were not disclosed in the SEC filing, because that is not what the SEC requires. CMGI is looking into how we can provide greater clarification on such matters. The latter purchase of over $5mm of CMGI shares was not disclosed either, because it was not part of the fiscal year that the filing covered.

The Lycos and Yahoo shares were part of a compensation plan that was approved by the CMGI board in late 1994 or very early 1995, which allowed me to take a "carry" on venture investments made by CMGI`s @Ventures venture capital fund. I was making about $150K in salary at the time, and the board thought this would be a nice way to reward me in the event CMGI had another hit like Booklink, a company I started that was sold to AOL for a handsome gain. @Ventures was the first venture fund for the Internet, and no one, including me, imagined that we would have the success we did with the early funds. Despite the filing, I still hold many shares of Lycos and Yahoo, so the "realized gains" reported were not actually "realized".
Incidentally, I no longer receive a carry from our present fund, @Ventures IV.

I have no apologies for my compensation, for I am not aware of anyone that supports CMGI more than I do. I believe in what we are doing, and I have put my money where my belief is. Furthermore, I have never been granted shares of Engage or Navisite or any other CMGI company that I started or helped to start, but I have purchased shares of Engage on the open market. Again, I have no apologies. Engage is a fine company, despite the difficulties ALL advertising based companies are facing on the Internet today. I continue to believe strongly that the Internet is an ideal medium for advertising and that Engage has the best technology to leverage advertising on the Internet.

These are difficult times for the Internet, to be sure, but such unfortunate journalism as exhibited by the Boston Globe and WSJ does not make it easier. However unfortunate it may be, it is a reality every company must live with from time to time. I do not know a better system than freedom of speech and the First Amendment. Fortunately, we have the Internet, where everyone can enjoy the same rights as newspapers.

Regards,
David


Quelle: http://www.ragingbull.altavista.com/mboard/boards.cgi?board=…

p.s.:
Evtl. findet sich auch jemand, der sich gerne an einer deutschen Übersetzung versucht.

[Lockeres Luder]

Das wünschte ich mir am NM auch gerne manchmal!!!

Guter Link - Thank you

[Setarkos]

Nu - liest sich ganz gut,

aber daß der liebe Dave dieses Statement über altavista herausgibt, könnte man auch als Verzweiflungstat interpretieren (Hallo - wieso begreift denn keiner, was für ein tolles Unternehmen ich da leite )

Wir werden sehen, wie es mit cmgi und enga weitergeht,
wenn ich soviele shares wie David hätte,
würde ich wohl auch an mein Unternehmen glauben ...