Kiwi Kamara, CEO of authorized tech agency CS Disco, caught consideration earlier this 12 months when information put him within the highlight One of only nine CEOs earn greater than Apple CEO Tim Cook dinner final 12 months
Kamara’s compensation totaled $110 million final 12 months, in comparison with $99 million for Cook dinner, in accordance with a Reuters report. Wall Street Journal in July, citing information from the analytics agency Comp C-Suite. Within the firm’s rankings, Kamara ranked just under Pinterest CEO Invoice Reidy (who acquired a wage of $123 million), whereas Blackstone’s Stephen Schwarzman topped the record with a wage of $253 million.
However the massive wage was not sufficient to maintain Kamara on this place.
On Monday, CS Disco was unveiled Deposit of shares Kamara will step down from his place as CEO with fast impact. The file supplied few particulars concerning the circumstances of Kamara’s exit, saying solely that it was not resulting from “any disagreement with the corporate concerning any matter associated to the corporate’s operations, insurance policies, or practices.”
Nevertheless, a big portion of Kamara’s huge payday might not repay, given the phrases of his exit. Nearly all of Kamara’s compensation got here within the type of inventory choices, which generally vest solely when an organization’s inventory exceeds sure thresholds, the bottom being $150, in accordance with Wall Street Journal. CS Disco shares have not even reached half that degree since they started buying and selling in 2021.
CS Disco shares have fallen greater than 26% since Monday, when the corporate revealed Kamara’s departure from the corporate. The corporate’s market worth now stands at solely $422 million. CS Disco shares at the moment are roughly 90% beneath their peak of $65.88 in September 2021.
CS Disco didn’t instantly reply to a request for remark.
Based in 2013, CS Disco supplies applied sciences resembling synthetic intelligence to legislation companies, thus saving time on duties resembling authorized affairs. Discovery.
CS Disco on Monday appointed board member Scott Hill as its interim CEO. Hill beforehand served as CFO and Particular Advisor to the CEO Exchange between continents. Hill will obtain a wage of $50,000 and restricted inventory choices price about 32,000 shares (price about $225,000 at Thursday’s closing worth).
CS Disco mentioned $34.3 million in income for the quarter ending June 30, 2023, a rise of two% 12 months over 12 months. It additionally lowered losses to $14.9 million in comparison with $20.2 million within the earlier 12 months. The corporate has not introduced any earnings since going public.
Kiwi Kamara’s occupation
Kamara has had a notable and typically controversial profession. He’s the youngest ever graduate of Harvard Regulation College, receiving his diploma on the age of 19. It was marked by scandal When he was 16, he shared class notes that included racial slurs. Kamara apologized for the error however mirrored on the ensuing controversy Deprived of opportunities In main legislation companies.
Kamara then began an organization with legislation faculty classmate Joe Sibley. The 2 gained prominence once more in one of many first situations of file sharing: the 2 defend Jamie Thomas Racette after file labels sued her in 2006 for downloading and sharing 24 songs on the Kazaa platform. Thomas Racette, for one level, was chargeable for $1.92 million in damages, which was in the end the case It shrunk to $222,000 by 2013, seven years after the lawsuit was first filed.
Kamara’s former legislation associate now believes he’ll take a break after his stint main CS Disco. “He had a lot work to maintain him occupied, it was tough for him to search out any free time,” Sibley advised The New York Instances. Wall Street Journal.
This story initially appeared on Fortune.com
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