Shareholders probably won’t begrudge him the increase in a year when the satellite radio company’s market value appreciated 13%. Karmazin’s package is pretty simple: $1.5M salary, $9.2M bonus, and $7,350 for other compensation. The Sirius XM proxy says that it awarded Karmazin his bonus to recognize, among other things, the growth in subscriptions, revenues, and cash flow — and the reduction in the company’s debt. The CEO’s pay amounted to 23% of the pie for the company’s six named executives, and is 1.5 times higher than the average for his colleagues — well below the level that would concern corporate governance activists. But the numbers are somewhat skewed because Karmazin wasn’t the company’s highest paid exec: CFO David Frear’s package came to $20.8M, up nearly 520%. That’s almost entirely due to $18.9M in option awards granted in July. Sirius XM will hold its annual meeting in New York on May 22.
Sirius XM CEO Mel Karmazin Scores $10.7M For 2011, An 8.1% Raise
Trending Now on Deadline
NBC Cameraman Declared Ebola-Free; Tries To Rescue Nancy Snyderman From Self-Inflicted Career Disaster -- UPDATE
More From Lieberman
- Streaming Cash: Redbox Reports Losses From Its Joint Venture With Verizon
- Cable Programmers, Citing Privacy Concerns, Hold Up FCC's Review Of Comcast And DirecTV Deals
- Layer3 TV Taps Lindsay Gardner To Lead Programming And Content Acquisition
- Yahoo Shares Rise As Mobile Revenues Help It Beat Q3 Earnings Expectations
- Will Time Warner Feel A Bruise From Its Battle With Dish Network?
- Apple Beats Earnings Expectations With Help From iPhones, But Not iPads