The Wall Street Journal reports: More top Wall Streeters are California dreaming.
A technology-fueled gold rush is drawing seasoned financial executives with the promise of sunshine, fresh managerial challenges and compensation that can top even the seven-figure paychecks common in the investment world.
Blackstone Group LP said Friday that its chief financial officer, Laurence Tosi, is leaving the private-equity firm to become finance chief at Airbnb Inc., the booming home-rental service. He is just the latest Wall Street executive to move west to take advantage of massive investor interest in fast-growing companies seeking to upend entire swaths of the economy.
Mr. Tosi, 47 years old, has made a good living by any standard since he joined Blackstone following its 2007 initial public offering. He earned about $15 million last year, according to filings, and $33.8 million over the past three years, not including dividends and some other perks, such as proceeds from investments made in the firm’s funds. [Continue reading…]