A toast to turning 40…

May 5, 2004

When Gartner (IT) announced last week that Chairman and CEO Michael Fleisher would be stepping down, it didn’t provide many details on his exit package. But in both the Q and the proxy, it’s clear that Fleisher, 39, will have many reasons to toast his upcoming 40th birthday. Four million reasons, though it’s actually more if you count the options. Over the next few days, Fleisher, who is derisively described as Mini-Manny on the message boards (so take it for what it’s worth) for his poor handling of Gartner during what’s clearly been a difficult few years for the company, will get $4.3 million in cash and the full vesting of his 2 million odd options. That’s a huge premium over his $650,000 annual salary. Fleisher plans to step down in October, though his employment contract doesn’t expire until September 30, 2005. Under that contract, if Fleisher was canned, he was entitled to receive 2 years worth of salary, a prior year’s bonus, a target bonus for the current year, and a pro-rated bonus for the following year.

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