Agencies
London :It costs a lot to keep Mark Zuckerberg safe Facebook Inc spent $7.33 million last year protecting its chief executive officer at his homes and during his tour across the US. Last week, the social-media giant said it would provide an additional $10 million a year for him to spend on personal security.
The cost for this year far exceeds what other firms will spend for their bosses and probably surpass the average annual compensation for S&P 500 CEOs. For the world’s sixth-richest person, it doesn’t necessarily amount to much.
“Security at multiple residences, transportation, a protection team, cyber, travel – if you also have a wife and a few kids, you’re already over $10 million just for a basic package,” said Roderick Jones, Concentric Advisors chairman.
Not all corporate titans need security. An executive who avoids the limelight, shuns media interviews and donates to charity anonymously can more easily blend in with the public.
Zuckerberg is, well, Zuckerberg. He’s the founder and leader of one of the world’s most valuable companies, regularly sharing photos and videos of himself playing with his two daughters, meeting world leaders and barbecuing brisket in his backyard. And he’s worth $68.6 billion.
Facebook also took a barrage of criticism over its data-privacy policies, especially in countries such as Myanmar and Sri Lanka, where misinformation on the firm’s website led to violence. It faced significant backlash from investigations into Russia’s efforts to influence the outcome of the 2016 U.S. elections. Those controversies – not to mention angry customers, terrorist attacks and workplace shootings – can make tight security essential.
The costs for Facebook’s CEO security program is appropriate and necessary, co-nsidering Zuckerberg’s “position and importance” to the firm, and he doesn’t receive any other compensation beyond a $1 salary, the Menlo Park, California-bas-ed company said in its most recent quarterly report.
(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)
