Coinbase’s former chief product officer, Sirujit Chatterjee, will officially leave the company on February 3rd after generating an estimated $105 million in sales.
According to disclosures filed with the Securities and Exchange Commission, Chatterjee will also hold 249,315 shares of Coinbase stock. At the time of publication, Coinbase stock is valued at $54.28 per share, according to Google Finance.
Chatterjee joined Coinbase from Google in February 2020 with a salary of just under $1 million per year. In recognition of Chatterjee’s contributions to the company, Coinbase and Chatterjee have entered into a separation agreement that includes severance benefits and an advisory deal in which he will provide advisory services from February 4 through December 31, 2023.
In disclosures to the Securities and Exchange Commission by Coinbase, Chatterjee will receive “a lump sum payment consistent with our current change and control policy, which provides for payments and benefits to executives upon certain qualifying terminations.” In addition, Chatterjee “will continue to receive health insurance coverage in accordance with COBRA for ten months after the month of the date of separation.” The termination benefits are conditional upon “Mr. Chatterjee’s dismissal and cancellation of claims in favor of the Company.”
In a Linkedin post announcing his departure from Coinbase, Chatterjee stated:
“I look forward to continuing to contribute in my role as advisor to Brian and the executive team and to continuing the serious and decisive work of creating more economic freedom and building a better Internet for all.”
Related: Coinbase Cuts Costs, Boosts Delegates, But Earnings Still Challenged: Analysts
Coinbase continues to face challenges amid the current market conditions. On January 18, Cointelegraph reported that Coinbase will end operations in Japan and conduct a full review of its business in the country due to market conditions.
As a result, all Coinbase Japan customers have until February 16th to withdraw their fiat and cryptocurrency holdings from the platform. After February 17, any remaining crypto assets held by Coinbase Japan customers will be converted into Japanese Yen.