Nasdaq OMX Group Inc said it slashed the 2012 annual bonus of Chief Executive Robert Greifeld by $542,100 over the botched handling of Facebook Inc’s initial public offering last year.<\/p>\n
Nasdaq said in a filing with the Securities and Exchange Commission (SEC) late on Thursday that Greifeld’s bonus for 2012 fell 62 percent to $1.35 million.<\/p>\n
The mishandling of Facebook’s IPO also cost Anna Ewing, Nasdaq’s executive vice president of Global Technology Solutions, a $263,625 cut to her bonus for 2012.<\/p>\n
“The committee and board explicitly considered the Facebook IPO in connection with their review and determination of these reduced payouts,” the company said in a filing.<\/p>\n
Facebook’s eagerly anticipated listing on May 18, which raised $16 billion, was initially delayed by 30 minutes due to a technical glitch at Nasdaq.<\/p>\n
The exchange then made the decision to get the stock trading by using a secondary system that ended up leading to delays in many clients’ orders and confirmations, costing some investors big losses as the stock price dropped after an initial gain.<\/p>\n
In March, U.S. regulators approved Nasdaq’s $62 million compensation plan for firms that lost money in Facebook’s market debut, far less than the $500 million in estimated losses.<\/p>\n
Facebook IPO compensation plan approved<\/a><\/strong><\/p>\n App devs face tough road with Facebook<\/a><\/strong><\/p>\n