A few weeks ago, Check Point Software Technologies Ltd. (Nasdaq: CHKP) co-founder, chairman and CEO Gil Shwed came out against limiting executive salaries. He argued that regulations would be ineffective. Personally, for the third straight year, Shwed forewent a salary and bonus beyond the legally mandated minimum, according to the invitation to the company's general shareholders meeting.
Don’t cry for Shwed: he will again receive stock options this year. Check Point has asked the shareholders to approve 1.5 million options for Shwed, up from the one million options granted him in each of the last two years. If he exercises this year's stock option grant, at the current share price, he will make a gross $46 million.
Shwed is the largest shareholder in Check Point, with a current stake of about 15% in the company, worth $993 million. He owns 7.4 million options exercisable over the next 60 days at a strike price below the share's current market price.
Check Point vice chairman Marius Nacht owns 9.1% of the company, and US money managers FMR LLC and Ameriprice Financial Inc. own 6.77% and 5.47%, respectively.
Check Point's share price rose 0.5% on Friday to $30.67, giving a market cap of $6.41 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2010
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