The Big Departure
Surojit Chatterjee, the former chief product officer at Coinbase, is set to bid adieu to the company on February 3. And what a send-off it is—rumors have it that he’s waddling out with a staggering $105 million in stock sales. Talk about a golden parachute!
The Stock Strut
In addition to his cash exit, Chatterjee will cling on to 249,315 shares of Coinbase, which, at a current value of $54.28 each, totals about $13.5 million. If you’re keeping score at home, that’s $118.5 million worth of stock—and no, he’s not going to Disneyland with it.
Salary Surprises
Chatterjee joined the ranks of Coinbase in February 2020, coming over from Google with an almost modest salary of just under $1 million per year. The guy was essentially a tech wizard with a wizarding salary, but it seems his talents were well compensated as he did what he could to bolster the crypto platform.
Severance Package Details
In typical corporate fashion, Coinbase has laid out a separation agreement for Chatterjee, complete with severance benefits. He’s due for a lump sum consistent with Coinbase’s Change of Control and Severance Policy. Now, that’s quite the safety net! But wait, there’s more! He will also have health insurance coverage courtesy of COBRA for the next ten months. So, what’s the catch? Well, he mustn’t revoke that pesky separation and release of claims on behalf of the company. Standard procedure, right?
The Advisory Angle
Despite the departure, Chatterjee isn’t skipping town completely. In a heartfelt LinkedIn post, he expressed his eagerness to continue advising Brian and the executive team. After all, someone must keep the engine running while he’s off riding his private jet—just kidding, he’ll probably remain grounded, focusing on building economic freedom and a better internet for us all.
Coinbase’s Current Challenges
While there’s much fanfare over Chatterjee’s departure, Coinbase itself faces turbulent waters. As reported on January 18, they announced the cessation of operations in Japan, requiring customers to withdraw their funds by February 16. After that, any lingering crypto assets will magically transform into Japanese yen. A sad day for crypto enthusiasts in Japan, indeed.
