ICANN announced that the current President and CEO, Fadi Chehadé, will continue as CEO for at least two years beyond the initial term of his current Agreement.
The full Board discussed and agreed, following a recommendation from the Compensation Committee, to extend Mr. Chehadé’s Employment Agreement through 30 June 2017. In addition, the Board determined to increase Mr. Chehadé’s base and at-risk compensation components to the following: (i) annual base salary of US$630,000.00; and (ii) at-risk compensation component of up to US$270,000.00 per year for a total of $900,000.
That equals to 5,000,000 domain names worth of ICANN fees that is currently set at $0.18 per domain for every year.
It seems that ICANN that is mostly paid to do administrative work and little more than that feels that any money coming from the millions of domain name registrants should immediately be completely spent.
The vast amounts of money that came in from the New gTLD applications seem to be burning a hole inside ICANN’s pockets so they are trying to spend it all by giving out raises and compensation packages. Not sure what will happen when all this money is spent. Maybe we will see an ICANN fee raise?
Each ICANN meeting is costing millions of dollars while the rest of the year little work is actually done. And I am sure that this little work that is actually done is being done by few people that are getting paid a very small fraction of the ICANN CEO and board.