Outgoing Citrix CEO to get $39M

Large severance packages ‘critical’ to executive recruitment

FORT LAUDERDALE — CEOs make a lot of money, even when they end up leaving the job.

Outgoing Citrix Systems CEO Kirill Tatarinov will collect nearly $32 million in severance pay and benefits following his “mutual separation decision” with Citrix’s board. The change at the top was announced Monday.

Executive compensation firm Equilar estimated Tatarinov’s socalled golden parachute, based on his employment contract filed with the Securities and Exchange Commission and the current stock price.

While Tatarinov, 52, of Fort Lauderdale, is leaving Citrix with a healthy severance package, it’s one that’s “pretty typical” for a CEO, said Dan Marcec, director of content at Equilar, based in Redwood City, Calif.

Marcec said providing two times salary and bonus, and accelerated equity is “in line with best practices.” The package also includes health insurance for 18 months at a value of $31,000, about $9.5 million in accelerated equity, and about $17.6 million in performance-based equity scheduled to vest on a pro-rata basis.

Equilar didn’t have an amount for any target-based performance awards for Tatarinov this year, if granted by Citrix.

The last permanent CEO at Citrix, Mark Templeton, retired from the company in 2015 with a nearly a $15 million package of cash, stock and other compensation, according to Equilar. Templeton had led the company since 2001.

Dick Clark, an executive coach and leadership consultant in South Florida, said the competitive marketplace is the reason for high compensation and exit packages.

”Those people are hard to find, and they’re very expensive. In order to attract them you have to put together a package that will be competitive in the marketplace for that level of talent,” Clark said.

The exit package is a critical part of that contract. CEOs “have to be concerned about what happens if it doesn’t work out.,” said Clark, pointing to potential change of control at the company or a board deciding to make a change.

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