Joseph M. Yaffe

Joseph M. Yaffe

PALO ALTO - Joseph M. Yaffe, head of Skadden’s West Coast executive compensation and benefits group, handles the executive compensation and benefits matters in some of the world’s largest M&A deals and other strategic transactions. He also represents company executives in compensation arrangements, employment agreements and negotiations. He strongly focuses on the technology sector, but works with companies in a wide range of industries, including entertainment, retail and biotech.

Earlier this year, Yaffe represented Xilinx, Inc. in its record $50 billion acquisition by Advanced Micro Devices, Inc. The all-stock purchase was one of the largest acquisitions in semiconductor industry history. He also represents Intel Corp. in its $5.4 billion acquisition of Israeli company Tower Semiconductor Ltd., announced in February.

“Xilinx and Intel are great examples of the work we do for semiconductor companies. We’re intimately involved in the integration and consolidation of that industry. Those two deals are emblematic of that continuing consolidation,” he said. “They stand out because they are extremely large transactions–Xilinx is the largest ever semiconductor transaction–and with that size comes a great degree of complexity.”

Yaffe also represents high-profile executives concerning employment contracts, negotiations of compensation agreements, as well as separation agreements. Recent clients include Travis VanderZanden, CEO and founder of Bird scooters; Josh Kushner, co-founder of health insurance startup Oscar Health, Inc.; and Dr. Carol Folt, president of the University of Southern California.

“I really enjoy representing these interesting and successful individuals because not only is it intellectually challenging, but it’s very exciting to be a small part of the journey they’re on,” Yaffe said.

He is also mindful of a possible economic downturn and how it may affect his clients. Sixty-eight percent of CEOs recently surveyed by the Conference Board, a nonprofit research group, say they’re bracing for a potential recession. While Yaffe noted that executive compensation has largely increased yearly for the last 12 to 15 years, a changing marketplace could cause tension between compensation and attracting top talent.

“A more challenging economic environment is necessarily going to impact how we think about negotiating employment arrangements for executives,” he said. “At the same time, you can argue it’s now more critical than ever to recruit and retain, with executive programs, the most talented managers out there because companies are going to be in a position where they need real talent running the show.”

--Jennifer Chung Klam