Nasdaq chiefs pay for Facebook fiasco
The chief executive of the Nasdaq stock exchange has seen his annual bonus slashed by nearly two-thirds following its calamitous handling of the flotation of the social network Facebook last year.
Robert Greifeld’s payout has been slashed by $542,100 (£353,000) to $1.35m. Anna Ewing, Nasdaq’s vice-president of global technology solutions, also saw her bonus cut, by $263,625.
Facebook’s initial public offering (IPO) on 18 May was eagerly anticipated, but a technical glitch delayed it by 30 minutes. Nasdaq then switched to using a secondary system, but this led to delays for many clients’ orders and confirmations. As a result, many investors suffered big losses as Facebook’s share price sank after an initial rise.
Nasdaq said: “The committee and board explicitly considered the Facebook IPO in connection with their review and determination of these reduced payouts.”
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