• Surojit Chatterjee, the former chief product officer at Coinbase, will officially leave the company on Feb. 3.
• Chatterjee will receive a severance package and retain 249,315 shares of Coinbase stock.
• Coinbase has filed a disclosure with the Securities and Exchange Commission that includes details of the severance benefits and agreement.
Surojit Chatterjee, the former chief product officer at Coinbase, is set to leave the company on Feb. 3 after making an estimated $105 million in stock sales. Following his departure, disclosures filed with the Securities and Exchange Commission have been made public, revealing that Chatterjee will receive a healthy severance package and retain 249,315 shares of Coinbase stock.
Chatterjee joined Coinbase in February 2020 with a salary of just under $1 million per year. In recognition of his contributions to the company, Coinbase and Chatterjee have entered into a separation agreement that includes severance benefits and a deal for him to provide advisory services from Feb. 4 through to Dec. 31. According to the disclosures made by Coinbase, Chatterjee will receive “a lump sum payment consistent with our existing Change of Control and Severance Policy, which provides for payments and benefits to executive officers upon certain qualifying terminations.” In addition, Chatterjee will “continue to receive health insurance coverage pursuant to COBRA for a period of ten months following the month of the Separation Date.”
At the time of publication, Coinbase stock was valued at $54.28 per share, so Chatterjee’s 249,315 shares are worth a staggering $13.5 million. This severance package also comes with the condition that “Mr. Chatterjee not revokes a separation and release of claims in favor of the Company.”
In a Linkedin post announcing his departure from Coinbase, Chatterjee stated, “I am grateful for the opportunity to have been part of this incredible team, and for the trust and support of the Coinbase family.” He continued, “I am confident that Coinbase will continue to make a lasting impact on the world, and I am excited to see what the future holds for the company.”
The news of Chatterjee’s departure follows a series of high-profile exits from Coinbase in recent months. Chatterjee’s departure is the latest in a string of executive exits, including the departure of former CTO Balaji Srinivasan and former COO Asiff Hirji.
Although Coinbase has seen a number of executive departures, the company continues to perform well. Coinbase’s stock is up over 130% since its direct listing in April 2020 and the company boasts a $100+ billion market cap. Coinbase is expected to continue to be a leader in the crypto space and a driving force for innovation.