Watching that nest egg at Applied Materials …

July 13, 2010

The gold watch is so old-fashioned.

Franz Janker, executive vice president of corporate account management for Applied Materials (AMAT), retired effective July 30, after 28 years at the company.

If you’re keeping track, that means he started in 1982, the year Britain and Argentina duked it out over the Falkland Islands, Ozzy Osbourne bit the head off a bat, John Belushi met his maker, and Yuri Andropov briefly took over leadership of the Soviet Union in the wake of the death of Leonid Brezhnev.

In recognition of Janker’s service, Applied Materials issued a glowing press release on July 10:

—Franz has been integral to Applied’s growth and success through his leadership of our global sales and marketing organization and management of strategic relationships with key customers, said Mike Splinter, chairman and CEO of Applied Materials. —We are grateful to Franz for his many contributions over the last 28 years, including his recent leadership in realigning our global sales teams into the business units.

The company even followed through with hard, cold cash, according to an 8-K filing yesterday: $1,979,314 worth, to be paid out in three installments, in mid-August, late January, and August 2011. He presumably also gets to keep the deferred-compensation account he accumulated on the job, some $3.3 million as of the company’s Jan. 27 proxy filing.

In return, Janker — who was 60 when the company filed its annual report in December — has agreed not to disparage the company, divulge its secrets, hire away its employees or compete with it, all for an unspecified period of time. (Janker didn’t have an employment contract, and Applied Materials decided not to disclose the actual retirement agreement, leaving us to work with the 477 words of vaguely phrased press-release and 8-K.)

To put Janker’s retirement bonus in perspective, it works out to $70,689.79 a year, or roughly $193 for every day of the 28 years that Janker worked at the company — holidays and weekends included. All told, it would have been enough to buy the Super Ice Cube watch, studded with more than 2,000 diamonds totaling 66.16 carats — with nearly $850,000 left over to enjoy a pleasant celebratory dinner out on the town.

Maybe a nice watch at retirement isn’t so pass⟠after all.

Image source: wwarby via Flickr

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