JPMorgan Chase’s boss, Jamie Dimon, is to be handed $52.6m in option awards, almost double his regular equity grant for 2021, as part of his $84.4m pay package for last year, says Bloomberg.
JPMorgan’s president and chief operating officer, Daniel Pinto, will get $53.3m in total, including $27.9m in option awards.
Proxy advisory service Glass Lewis urged shareholders to reject the pay plan, citing a “disconnect” between reward and performance.
Investors in General Electric (GE) are “pretending to be angry about executive pay,” says Breakingviews.
Two-thirds voted against the pay plan in a non-binding vote, up from 42 percent last year.
Still, Breakingviews says that’s “harsh,” considering boss Larry Culp took a $10m pay cut last year and recently bought $5m of stock in GE.
On the other hand, the $22m he did take home is “high” in light of the 20 percent drop in the share price during his tenure.
Breakingviews said: “For a struggling company, an overpaid chief executive is better than none”.
US fuel-cell systems firm Plug Power’s CEO, Andrew Marsh, pocketed $52m in pay for 2021, a year after the business’s “losses widened sevenfold but the stock skyrocketed nearly 1,000 percent” in a “meme-stock”-style rally, says MarketWatch.
He received $750,000 in base salary, with almost all of the rest in options awards. His total pay in 2020 was $13.6m, and $3.7m in 2019. Shares in Plug Power ended 2021 16.8 percent higher, and have “slumped” by 23 percent so far this year, against 12.1 percent for the S&P 500 index.
Kris Paterson is a writer for WhatJobs.com