Twitter to pay Kordestani annual base salary of $50,000

Twitter Inc said it would pay new Executive Chairman Omid Kordestani an annual base salary of $50,000 and a one-time grant of options to buy 800,000 shares of the microblogging website operator.

The company said it does not expect Kordestani to be appointed to any committee of the board. (1.usa.gov/1LxpYU6)

Twitter poached Kordestani from Google Inc on Wednesday, the latest step in the company’s turnaround efforts under Jack Dorsey, who last week was named permanent CEO.

Kordestani’s appointment was a move by Twitter to allay concerns about Dorsey’s dual role as head of mobile payments company Square Inc.

On Wednesday, Square filed for its long-expected initial public offering.

Kordestani, 51, joined Google as its 11th employee in 1999 and stayed for 10 years. After a few years away, he returned full-time in October 2014 as chief business officer.

At Google, Kordestani had an annual base salary of $237,500 and stock awards of about $123 million, according to the latest Google proxy filing.

Source: Reuters