The era of baby-faced dot-commers has definitely passed, but someone forgot to tell these guys. The CEOs of GSI Commerce, FragranceNet and eUniverse are the highest-paid chiefs in their age group, according to a report by Hoover’s. They’ve all just turned 30.
What makes their stories unusual is that such young CEOs are still running their companies at all, given the uncertain future of today’s dot-coms and the general trend to replace young founders with seasoned managers. All three declined to be interviewed.
Topping the salary list is Michael Rubin, who brought in $325,000 last year as found-er and chief of GSI Commerce, a King of Prussia, Pa.-based company that runs online sales for sporting goods chains. He also received stock options worth $14.4 million that vest over the next three years.
Brad Greenspan earned $273,125 in cash and bonuses as chairman and CEO of Los Angeles-based eUniverse, which operates entertainment Web sites. Moreover, all but four of his 10-member management team are 30 or younger, making COO Adam Goldenberg, 21, and the president and director, Brett Brewer, 30, among the highest-paid young executives in the country.
Jason Apfel earned $250,000 in the fiscal year ending March 2002 running FragranceNet, an online discount fragrance store in Hauppauge, N.Y. That was twice as much as his father Dennis, 56, made as the company’s chairman, CFO and secretary.
Their salaries are modest compared with pay at major public companies, not to mention the IPO lucre amassed by dot-com darlings like Stephan Paternot, 28, the chic co-creator of TheGlobe.com, and Joe Park, the 30-year-old cofounder of Kozmo.com, both of whom have dropped off the radar along with their companies.
“Technology still tends to favor the young,” says one executive recruiter, noting cynically that small boards and insider directors also favor young founders.
But young though Rubin, Greenspan and Apfel are, in some ways they’re dinosaurs. Most Internet royalty have cashed in or burned out. Paternot, for example, is now producing an independent film about a doughnut artist. Park, the would-be king of on-demand delivery, lugs books to class at Harvard Business School.
In one respect, these three are very much with the times: They are all paid in cash, not options.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
