Globus: ‘I don’t like to get paid for my work, so I will just use my money’
When Globus CEO David Marcus was hired as CEO of a company that specializes in buying and selling shares in companies, he made sure to give the new hires a bonus.
He told them to take a bonus of $100,000.
They agreed to do so.
Marcus also paid the bonuses of some of the senior executives, who had previously worked in his company.
And Marcus set aside another $100 million for employees who could not be fired or fired on their own.
“We wanted to make sure they had a clear sense of direction and a clear vision for how we’re going to grow this company and how we want to help this company grow,” Marcus said at a recent earnings call.
“That’s where we made a mistake.”
Marcus, who recently left his post at Microsoft after 10 years, says that’s a common mistake that he made.
“There are certain things that you have to make clear to people, that they understand, and that they don’t do,” Marcus told Fortune.
“It’s not something that you can simply get away with, that you don’t have to apologize for.”
Marcus says he never wanted to use a company bonus for personal gain.
“I always told them that the company that I’m in, and my company, and the company I’ve run for the last decade or so is a good one,” Marcus added.
“And I never ever wanted to be the CEO of another company.
Marcus is currently facing a probe by the Securities and Exchange Commission (SEC), which says he failed to disclose the bonuses that were paid to his employees.
In a letter, the SEC says Marcus violated the Hatch Act by paying out bonuses to people who did not work for him.
“In addition to being a blatant disregard for the interests of his company, Mr. Marcus failed to adequately disclose to his senior executives and employees the amount of compensation he was giving out to them and failed to make the requisite disclosure of the nature and value of the payments,” the SEC said.
Marcus did not immediately respond to Fortune’s request for comment.