Peter Liguori had a busy year in 2014, and was paid handsomely for it, according to a Tribune Media SEC filing announcing a secondary stock offering by some of its largest shareholders. With big slugs of stock and option awards — accounted for now, though they vest over several years — the CEO’s compensation package came to $23 million, up from $8.76 million in 2013.
The tally includes: $1.6 million in salary, $8.35 million in stock awards, $11.6 million in option awards, $1.5 million in non-equity incentives and $10,400 in other compensation (mostly contributions to his 401k plan).
The board gave Liguori credit for achieving “strong performance results, even while navigating the complexities of acquisitions, spin-offs and the Company’s registration on the NYSE.” Tribune’s share price declined 10.1% in 2014, but net income increased 97% to $476.7 million on revenues of $1.17 billion, +76%.
For 2015 the board agreed to give Liguori and other execs special restricted stock units — the value to be disclosed later — “to recognize their significant contributions to the Publishing Spin-off and the registration of the Company’s Class A common stock on the NYSE.” It also changed the list of companies directors look at as a benchmark for executive pay to focus less on publishing and more on broadcasting, content creation, and data/digital.
The board’s compensation committee is chaired by entertainment lawyer Craig Jacobson and also includes Oaktree Capital co-founder Bruce Karsh, Oaktree Capital restructurings head Kenneth Liang and New York Public Radio CEO Laura Walker.