Lionsgate CEO Jon Feltheimer’s total compensation for fiscal 2020 came in at $11.074 million, up sharply from $6.6 million the year before as his bonus nearly doubled and he received $1.5 million in stock awards, versus none the previous year.
The pay package consisted of a $1.5 million base salary, a bonus of $6.3 million and stock and option awards of $1.5 million each.
All other compensation, of $182,601, included $52,239 in club membership dues, $7,200 in security service costs and $110,116 in incremental costs for personal use of the company-leased aircraft (net of approximately $47,850 reimbursed to the company by Mr. Feltheimer), Lionsgate said.
Vice Chair Michael Burns saw his total compensation rise to about $6.4 million from $5.2 million.
The pay was listed in the company’s annual proxy statement for the fiscal year ended in March.
Lionsgate said the ratio of its CEO’s total compensation for fiscal 2020 to the median of the total compensation of all of employees (excluding the CEO) was 95.8 to 1. Public companies are all required to include a pay ratio in their proxies by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
In May, Lionsgate reported $50 million in costs due to COVID-19 for its fiscal fourth quarter. It said then it anticipates more to come and that it’s seeking insurance to cover what it can. It posted revenue for the three months of $944 million, an operating loss of $12 million and net loss attributable to Lionsgate shareholders of $45 million, or a $0.20 diluted net loss per share. The company is announcing its fiscal first quarter numbers on August 6.
Early in the crisis, a handful of media CEOs from Disney and Comcast to Fox have frozen or or cut salaries for themselves and top executives in order to share the painful cost of coronavirus. The reat hit they take will come out in the next batch of proxies but not until next spring for most comapnies that operate on a calender year. Lionsgate hasn’t cut exec pay, but nor has it laid off or furloughed employees due to COVID-19.
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