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The Pay Check: Apple CEO's 22% pay bump; new Netflix CFO's salary


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The Pay Check: Apple CEO's 22% pay bump; new Netflix CFO's salary

S&P Global Market Intelligence's regular look at executive compensation in the U.S. technology media and communications industries.

Top News

* Apple Inc. CEO Tim Cook saw his compensation increase about 22% year over year in 2018, mainly due to nonequity incentive plan compensation.

Cook's 2018 total compensation rose to about $15.7 million from $12.8 million in the prior year, according to a Jan. 8 SEC filing. The value of Cook's nonequity incentive plan compensation was $12.0 million in 2018, up from $9.3 million in the year before. The CEO also received $3.0 million in salary.

CFO Luca Maestri's 2018 pay package increased to roughly $26.5 million from $24.1 million in 2017. In 2018, the CFO received $1.0 million in salary, $21.5 million in stock awards and $4.0 million in nonequity incentive plan compensation.

Meanwhile, COO Jeff Williams and General Counsel Kate Adams were paid $26.5 million and $26.7 million, respectively, in 2018 total compensation. Senior Vice President of Retail Angela Ahrendts pulled in $26.5 million in total compensation, up from $24.2 million in 2017.

* Spencer Neumann, who was recently appointed CFO of Netflix Inc., will get $10 million in total compensation. Neumann, who succeeds longtime Netflix executive David Wells who announced his departure in August 2018, will receive $5.0 million in salary and $5.0 million in annual stock option allowance pursuant to the company's stock option program, the company said in an SEC filing. Neumann also will receive a one-time payment of $1.7 million.

Wells was due to receive $3.5 million in salary and $2.8 million in stock options in 2019, the company disclosed in a separate SEC filing. Meanwhile, Netflix Chairman and CEO Reed Hastings will receive $30.8 million in stock options in 2019, up from $28.7 million he received in 2018. The executive will be paid an annual salary of $700,000 in 2019, the same as in 2018.

Chief Content Officer Ted Sarandos is set to make $18.0 million in salary, with stock options worth about $13.5 million. By comparison, he received $12.0 million in salary in 2018 and about $14.3 million in stock awards in 2018. In 2019, Chief Product Officer Greg Peters will get a $10.0 million salary and $6.8 million in stock options, and General Counsel David Hyman will be paid $3.5 million in salary and roughly $3.9 million in stock awards.

In other compensation news:

* Harte Hanks Inc.'s newly appointed CEO Bant Breen will receive a $50,000 sign-on bonus. His annual base salary will be $380,000, with a target annual bonus opportunity equal to 100% of his base salary and a maximum bonus opportunity of 200% of his base salary. The company's board approved a grant of restricted stock units to Breen with a value of $750,000. Andrew Harrison, who was promoted to president and COO of the company, will receive a base salary of $332,000, a target annual cash bonus opportunity of 75% of base salary for 2019 and a maximum bonus opportunity of 150% of annual base salary. Harrison's employment agreement also provides for a grant of restricted stock units with a value of $360,000.

* Layth Taki, who replaced Victoria Mink as chief accounting officer of Altice USA Inc., will be entitled to an annual base salary of $300,000, with a target annual cash incentive award of 50% of his salary. Taki most recently was senior vice president and controller of the company.

* Vincent Kelly will continue as president and CEO of Spōk Holdings Inc. through Dec. 31, 2021, pursuant to a new employment agreement with the company. Kelly's annual base salary under the new agreement will initially be $600,000, with a target annual cash bonus opportunity of 83.33% of his base salary, a reduction from 100% in Kelly's previous agreement. In addition to Kelly's annual cash bonus reduction, he will also take a reduction of $600,000 in his 2019 Long-Term Incentive Plan award opportunity as compared to his 2018 LTIP award opportunity.

* Good Life Networks Inc. said it granted an aggregate of 1,705,000 stock options to certain directors, officers, employees and consultants of the company.

* Cimpress NV entered into an employment agreement with Cornelis David Arends, the company's executive vice president and president of upload and print businesses. Pursuant to the agreement, Arends will have the title of senior vice president of upload and print and will work on a 50% part-time basis until Sept. 30, 2022, after which his working time will decrease to zero hours per week. Cimpress will pay Arends an annual base salary of 2.3 million proportionally reduced based on his working time.

* Scott Greenstein will remain president and chief content officer of Sirius XM Holdings Inc. until May 24, 2022. The executive's new employment agreement provides for an annual base salary of $1.6 million and a target annual bonus opportunity equal to 150% of his base salary. The company also granted Greenstein an option to purchase 3,180,872 company common shares, as well as 680,581 time-based restricted stock units and 1,361,162 performance-based restricted stock units. The option granted to Greenstein has an exercise price equal to $5.51 per share.

* Tribune Media Co. CEO Peter Kern received a $6 million cash incentive payment for his contributions and efforts in fiscal year 2018, according to an SEC filing.

* Michael Cavanagh will continue to serve as Comcast Corp.'s CFO until Dec. 31, 2023. The company increased his salary to $2.3 million, with his annual cash bonus opportunity remaining at 300% of base salary. The new employment agreement continues the structure under Cavanagh's prior employment agreement of crediting contributions to his deferred compensation plan account, with $2.1 million being credited in 2019 and with annual contributions increasing by 5% each year thereafter through 2023.