How do you like them apples?
The high-level openings weren't exactly by design. The company's CFO died unexpectedly in an accident while on vacation back in December. However, more intriguing than the new hires is the trend of executives continuing to defect from prominent tech bellwethers.
This development may come as a shock, since technology companies have historically prided themselves on dishing out stock options over salaries as a way to attract and retain key hires. Then again, stock options don't seem to have much appeal when share prices are tanking.
Both Google and Apple have seen their shares plummet since peaking late last year. Google and Apple are off by nearly 40% and 30%, respectively, from their recent highs.
This doesn't mean executives are swan-diving into go-go situations. Baidu's stock is also trading 35% off its November high. However, few expect the Chinese online advertising market to suffer the same kind of hiccups that domestic stars such as Google and Yahoo!
I recommended shares of Baidu to Rule Breakers newsletter subscribers in the fall of 2006. It's definitely been one of my better calls; the stock has more than tripled since that time.
I can't blame execs for flocking to Baidu and other Web stars in China, such as Ctrip.com and Sohu.com, since they're growing a lot more quickly than their stateside counterparts.
Will the last tech exec please turn out the light? Don't forget to strap on that golden parachute on the way out.
For related Foolishness:
Baidu has more than tripled since being singled out to Rule Breakers readers. Apple is an active recommendation for Stock Advisor subscribers. Ctrip.com has made the cut as a Motley Fool Hidden Gems stock pick. Why are you missing out on these great stock picks? Check out free 30-day passes to any or all of these services.
Longtime Fool contributor Rick Munarriz has been a fan of China's growth stocks for several years now, even though he owns no shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.