Meet the CEOs Who Pull In More Than $100 Million a Year
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,613,207 (-0.60%)       Melbourne $969,484 (-0.54%)       Brisbane $991,125 (-0.15%)       Adelaide $906,278 (+1.12%)       Perth $892,773 (+0.03%)       Hobart $726,294 (-0.04%)       Darwin $657,141 (-1.18%)       Canberra $1,003,818 (-0.83%)       National $1,045,092 (-0.37%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $754,460 (+0.43%)       Melbourne $495,941 (+0.11%)       Brisbane $587,365 (+0.63%)       Adelaide $442,425 (-2.43%)       Perth $461,417 (+0.53%)       Hobart $511,031 (+0.36%)       Darwin $373,250 (+2.98%)       Canberra $492,184 (-1.10%)       National $537,029 (+0.15%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 9,787 (-116)       Melbourne 14,236 (+55)       Brisbane 8,139 (+64)       Adelaide 2,166 (-18)       Perth 5,782 (+59)       Hobart 1,221 (+5)       Darwin 279 (+4)       Canberra 924 (+36)       National 42,534 (+89)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,638 (-81)       Melbourne 8,327 (-30)       Brisbane 1,728 (-19)       Adelaide 415 (+10)       Perth 1,444 (+2)       Hobart 201 (-10)       Darwin 392 (-7)       Canberra 1,004 (-14)       National 22,149 (-149)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$20)       Melbourne $620 ($0)       Brisbane $630 (-$5)       Adelaide $615 (+$5)       Perth $675 ($0)       Hobart $560 (+$10)       Darwin $700 ($0)       Canberra $680 ($0)       National $670 (+$4)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $750 ($0)       Melbourne $590 (-$5)       Brisbane $630 (+$5)       Adelaide $505 (-$5)       Perth $620 (-$10)       Hobart $460 (-$10)       Darwin $580 (+$20)       Canberra $550 ($0)       National $597 (-$)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,197 (+313)       Melbourne 6,580 (-5)       Brisbane 4,403 (-85)       Adelaide 1,545 (-44)       Perth 2,951 (+71)       Hobart 398 (-13)       Darwin 97 (+4)       Canberra 643 (+11)       National 22,814 (+252)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,884 (-22)       Melbourne 6,312 (0)       Brisbane 2,285 (-54)       Adelaide 357 (-14)       Perth 783 (-14)       Hobart 129 (-14)       Darwin 132 (+6)       Canberra 831 (+15)       National 21,713 (-97)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.64% (↑)      Melbourne 3.33% (↑)        Brisbane 3.31% (↓)       Adelaide 3.53% (↓)       Perth 3.93% (↓)     Hobart 4.01% (↑)      Darwin 5.54% (↑)      Canberra 3.52% (↑)      National 3.34% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND         Sydney 5.17% (↓)       Melbourne 6.19% (↓)     Brisbane 5.58% (↑)      Adelaide 5.94% (↑)        Perth 6.99% (↓)       Hobart 4.68% (↓)     Darwin 8.08% (↑)      Canberra 5.81% (↑)        National 5.78% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 29.8 (↓)     Melbourne 31.7 (↑)      Brisbane 30.6 (↑)        Adelaide 25.2 (↓)       Perth 35.2 (↓)     Hobart 35.1 (↑)      Darwin 44.2 (↑)        Canberra 31.5 (↓)     National 32.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.7 (↓)       Melbourne 30.5 (↓)     Brisbane 27.8 (↑)        Adelaide 22.8 (↓)     Perth 38.4 (↑)        Hobart 37.5 (↓)       Darwin 37.3 (↓)       Canberra 40.5 (↓)       National 33.1 (↓)           
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Meet the CEOs Who Pull In More Than $100 Million a Year

Chief executives at Pinterest, Peloton and Hertz are outearning Apple’s Tim Cook—and hundreds of others leading bigger companies

By THEO FRANCIS
Wed, Jul 5, 2023 8:28amGrey Clock 4 min

The highest-paid CEOs aren’t always the ones running the biggest companies.

The chief executives of Hertz, Peloton and Pinterest all earned more than $100 million in 2022, topping almost every CEO in the S&P 500 including Apple’s Tim Cook, who made $99 million. Also on that list: The man who runs CS Disco, a cloud-services provider that caters to attorneys and has a market capitalisation of about $500 million.

Six of the 10 highest-paid CEOs last year ran companies that weren’t in the S&P 500, according to C-Suite Comp, an executive-pay-data and analytics company. The S&P 500 comprises most of the biggest U.S. publicly traded companies.

Stephen Schwarzman of private-equity giant Blackstone earned the biggest pay package overall, at $253 million. Blackstone, larger than many S&P 500 companies at a market capitalisation of more than $100 billion, has a corporate structure similar to dual share-class setups that until recentlyhave kept other companies out of the index.

Schwarzman edged out Sundar Pichai, who runs Google parent Alphabet and received a pay package of $226 million—a total that put Pichai atop The Wall Street Journal’s annual CEO pay survey earlier this year. Pichai was followed in the earlier survey by Live Nation’s Michael Rapino, at $139 million.

Some executives in C-Suite Comp’s top-paid list, such as the leaders of Pinterest and Hertz, wouldn’t make the Journal’s annual pay ranking because those CEOs started during the year. The Journal’s analysis only ranks CEOs who served the full year.

Median pay for CEOs of S&P 500 companies slipped to $14.5 million last year, from $14.7 million the year before.

More broadly, nine CEOs made more than $100 million in 2022, of nearly 4,000 publicly traded U.S. companies in C-Suite Comp’s analysis. That is down from more than 20 a year earlier, as equity awards slimmed down, the firm said.

The bulk of CEO pay usually consists of restricted stock or options, the value of which can fluctuate. Many equity awards often only vest—becoming fully the executive’s property—if certain performance targets are met, or if the executive remains employed for a specified period.

For Schwarzman, Blackstone’s co-founder, about $190 million of his pay came in the form of carried interest and incentive-fee allocations. Carried interest refers to a cut of profit above a target that some investment managers receive. A further $58.8 million consisted of shares in real-estate investment trusts that Blackstone manages.

Schwarzman’s total pay was more than 50% larger than his 2021 package of $160 million. Total return for Blackstone shares, including the company’s dividend, was minus 40% last year, compared with minus 18% for the S&P 500. Through late June this year, Blackstone’s total return was 22%, compared with about 14% for the index.

Schwarzman owns almost 20% of Blackstone, a stake qualifying for dividends of about $1 billion in 2022.

A Blackstone spokesman said nearly 30% of Schwarzman’s 2022 pay reflects investment performance in 2021, in a period when the company’s share price also doubled. “Virtually all his compensation is carried interest and incentive fees—which are only paid when we deliver for our customers,” the spokesman said. He declined to say how much of Schwarzman’s pay was in cash.

At Hertz, Stephen Scherr’s total pay of $182 million included $3.4 million in salary and bonus. A further $178 million in restricted stock is structured to vest through 2026, much of it only if the company’s shares reach 90-day average price targets ranging up to nearly double its current share price.

In its annual proxy statement, Hertz said two price targets had already been met, meaning about $50 million in shares at recent prices stand to vest if Scherr stays employed through 2026, in addition to roughly $20 million that vested on Dec. 31.

Scherr, who earlier worked as Goldman Sachs Group’s chief financial officer, took Hertz’s top job in February 2022, about seven months after the rental-car chain emerged from bankruptcy-court protection.

Hertz shares fell 22% during Scherr’s tenure last year, while the S&P 500 fell 16%. The company valued Scherr’s equity award at roughly $128 million at year-end, securities filings show. Hertz shares were up about 20% this year through June 30.

A Hertz spokesman declined to comment beyond company disclosures.

Peloton’s Barry McCarthy started as CEO in February 2022, after stints as chief financial officer at Spotify and Netflix. His $168 million pay package at Peloton was almost entirely in stock options, which vest monthly over four years.

With Peloton trading near $7.50 in recent days, those eight million options are underwater, meaning they would cost more to exercise than the underlying shares are worth.

Peloton shares have fallen about 3% this year through June 30, and fell 79% in 2022 as declining demand left the company with a glut of the exercise bikes it sells.

Peloton representatives didn’t respond to requests for comment.

Of the $123 million Pinterest awarded Bill Ready last year, nearly $101 million came in stock options and $21.5 million in restricted stock made up most of the rest. Both were awarded in connection with his hiring as CEO in late June 2022.

The equity awards vest quarterly over four years if Ready remains employed. By year-end, Ready’s 2022 stock and option awards had increased in value to $153.6 million, Pinterest said in its securities filings.

Pinterest shares rose just over 20% last year. So far this year, Pinterest shares have risen about 13% through June 30.

A Pinterest spokeswoman said Ready isn’t expected to receive additional equity during his first four years, and the company sees his 2022 equity awards as the equivalent of about $30 million a year over that time. Ready also had to buy and hold $5 million in shares.

“If the company performs well, then Bill’s options have value,” the spokeswoman said. “If the company doesn’t perform well, then Bill’s compensation is going to be impacted.”

CS Disco, a 10-year-old Austin, Texas, company that sells online services to law firms, attorneys and legal-services companies, is the smallest company in the top-paid set. CEO Kiwi Camara, a co-founder, received $500,000 in salary plus stock options valued at $109 million, an award shareholders approved in a vote last year.

Camara’s options vest only if the company’s 90-day average share price reaches any of six targets through 2032, or if the company is acquired or Camara loses his job under certain circumstances.

Camara earned just under $1 million total in 2021, the year the company went public in late July. Its shares closed at $8.22 on Friday, up 30% for the year so far but down more than 75% from the company’s share price at the start of 2022.

CS Disco didn’t respond to requests for comment.



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The Top 10 highest paid CEOs of the ASX 200 revealed

Along with pay rates, the latest report from the ACSI shows bonuses are no longer based on exceptional results

By Bronwyn Allen
Tue, Jul 23, 2024 2 min

The CEOs of the ASX 200 were paid a little less in FY23 compared to the year before, but bonuses appear to have become the norm rather than a reward for outstanding results, according to the Australia Council of Superannuation Investors (ACSI). ACSI has released its 23rd annual report documenting the CEOs’ realised pay, which combines base salaries, bonuses and other incentives.

The highest-paid CEO among Australian-domiciled ASX 200 companies in FY23 was Greg Goodman of Goodman Group, with realised pay of $27.34 million. Goodman Group is the ASX 200’s largest real estate investment trust (REIT) with a global portfolio of $80.5 billion in assets. The highest-paid CEO among foreign-domiciled ASX 200 companies was Mick Farrell of ResMed with realised pay of $47.58 million. ResMed manufactures CPAP machines to treat sleep apnoea.

The realised pay for the CEOs of the largest 100 companies by market capitalisation fell marginally from a median of $3.93 million in FY22 to $3.87 million in FY23. This is the lowest median in the 10 years since ACSI began basing its report on realised pay data. The median realised pay for the CEOs of the next largest 100 companies also fell from $2.1million to $1.95 million.

However, 192 of the ASX 200 CEOs took home a bonus, and Ed John, ACSI’s executive manager of stewardship, is concerned that bonuses are becoming “a given”.

“At a time when companies are focused on productivity and performance, it is critical that bonuses are only paid for exceptional outcomes,” Mr John said. He added that boards should set performance thresholds for CEO bonuses at appropriate levels.

ACSI said the slightly lower median realised pay of ASX 200 CEOs indicated greater scrutiny from shareholders was having an impact. There was a record 41 strike votes against executive pay at ASX 300 annual general meetings (AGMs) in 2023. This indicated an increasing number of shareholders were feeling unhappy with the executive pay levels at the companies in which they were invested.

A strike vote means 25 percent or more of shareholders voted against a company’s remuneration report. If a second strike vote is recorded at the next AGM, shareholders can vote to force the directors to stand for re-election.

10 highest-paid ASX 200 CEOs in FY23

1. Mick Farrell, ResMed, $47.58 million*
2. Robert Thomson, News Corporation, $41.53 million*
3. Greg Goodman, Goodman Group, $27.34 million
4. Shemara Wikramanayake, Macquarie Group, $25.32 million
5. Mike Henry, BHP Group, $19.68 million
6. Matt Comyn, Commonwealth Bank, $10.52 million
7. Jakob Stausholm, Rio Tinto, $10.47 million
8. Rob Scott, Wesfarmers, $9.57 million
9. Ron Delia, Amcor, $9.33 million*
10. Colin Goldschmidt, Sonic Healthcare, $8.35 million

Source: ACSI. Foreign-domiciled ASX 200 companies*

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