Kiwi Camara, chief executive of legal tech company CS Disco, drew attention earlier this year when data revealed he was the first person to be paid more than Apple’s Tim Cook last year. Cook, one of nine CEOs.
Kamara’s total compensation last year was $110 million, while Cook’s was $99 million, according to the company. wall street journal July, citing data from analytics firm executive compensation. In the company’s rankings, Camara ranked just below Pinterest CEO Bill Ready, who was paid $123 million, while Blackstone’s Stephen Schwarzman topped the list with $253 million.
But the lucrative pay package wasn’t enough to keep Kamara in the position.
On Monday, CS Disco revealed stock filing Kamala will resign as CEO, effective immediately. The filing did not provide specifics about the circumstances of Kamara’s exit, saying only that it was not due to “any disagreement with the company on any matter related to the company’s operations, policies or practices.”
However, given Kamara’s exit clause, much of his massive salary may not materialize. Nearly all of Kamara’s compensation comes in the form of stock options, which typically vest only when company stock exceeds a certain threshold, starting at $150. wall street journal. CS Disco’s share price hasn’t even reached half of that level since it began trading in 2021.
CS Disco’s stock price has fallen more than 26% since the company disclosed on Monday that Kamara would be leaving the company. The company’s current market capitalization is only $422 million. CS Disco’s stock price is currently nearly 90% below its September 2021 peak of $65.88.
CS Disco did not immediately respond to a request for comment.
Founded in 2013, CS Disco provides law firms with technology such as artificial intelligence, which saves time on tasks such as legal discovery.
On Monday, CS Disco named board member Scott Hill as its interim chief executive. Hill previously served as chief financial officer and special advisor to the CEO of Intercontinental Exchange. Hill will receive a salary of $50,000 and approximately 32,000 restricted stock options (worth approximately $225,000 based on Thursday’s closing price).
Discotheque report Revenue for the quarter ended June 30, 2023 was $34.3 million, an increase of 2% year-over-year. It also narrowed its loss to $14.9 million, compared with $20.2 million a year earlier. The company has never reported a profit since going public.
Kiev Kamara’s career
Kamara has had an illustrious, but sometimes controversial, career. He is the youngest ever graduate of Harvard Law School, receiving his degree at the age of 19. marked by scandal At 16, he shared class notes that included racial slurs.Kamala apologized for the mistake but dismissed the resulting controversy as deprived him of the opportunity in major law firms.
Kamara later formed a company with his law school classmate Joe Sibley.Two people gain attention again in one of the earliest cases of file sharing: Two people defend Jammie Thomas-Rassett was sued by his record label in 2006 for downloading and sharing 24 songs on the Kazaa platform.Thomas-Rassett had a point of liability of $1.92 million, eventually paid out reduce By 2013, seven years after the lawsuit was first filed, the amount reached $222,000.
Kamara’s former law partner now believes he will take a break after leading CS Disco. “His workload was so overwhelming that it was difficult to find any leisure time,” Sibley told reporters. wall street journal.
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