A pretty sweet gig…

June 8, 2006

As chief operating officer for underwriting firm Endurance Specialty Holdings (ENH), Steven Carlsen made $600K a year, according to the company’s most recent proxy. But now that he’s left the company to become a consultant, he stands to make nearly as much, despite the fact that he’ll only be required to work up to 90 days a year.

The contract, which was filed in a recent 8-K, requires Carlsen, (well, actually his company called Shadowbrook Consulting, which was creatively named for the street he lives on in Chappaqua), to perform a wide range of activities — everything from analyzing potential acquisitions  to reviewing risk positions. In exchange, he’ll be required to work "not less than 60 or more than 90 days per annum." The gig, which lasts through June 2008, will pay Carlsen $258K a year and give him the opportunity to make another $258K in what the contract describes as a a "supplemental payment". There’s also a separate agreement in the 8-K on a nice cache of options.

Why bother with the hassles of working full time — we’re guessing that being COO requires a fair amount of work — when you can make nearly as much as a part-time consultant?

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