Despite Shareholders Losing Over 3 Years, CEO Pay is Up at These Companies

by | Apr 24, 2024

Proxy season stands as a pivotal period for shareholders to scrutinize executive compensation, ensuring alignment with performance and shareholder interests. This annual review offers transparency into how executives are paid, examining components such as salary, bonuses, and stock options. Importantly, it enables shareholders to assess whether executive compensation reflects company performance and creates long-term shareholder value.

For the (just over) 50 companies below, shareholders will be very frustrated with their boards as both 3-year and 1-year TSR (total shareholder return) are negative and yet CEO pay in 2023 increased and is over $10M. At the top of the list, Teladoc Health (TDOC) stock has lost over 92% over the past 3 years, yet their CEO has been paid over $10M in each of the last three years.  One of the most egregious pay days comes from Charter Communications (CHTR) where shareholders have lost almost 60% of their holdings’ value over the last three years, yet the board awarded CEO Christopher Winfrey an $89 million payday ($75 million in option awards).

Many have argued, including the Delaware courts, that Elon Musk’s massive $55 billion prospective payday as CEO of Tesla (TSLA) was out of proportion. However, it is relatively easy to argue that he is so singularly important to the success of Tesla that an outsized compensation package of some kind is warranted. In the case of Charter and similar companies, it is hard to see how any particular CEO is worth so much. Certainly an investor in Charter that started with $10,000 three years ago and has only $4,049 remaining will question the value of such an outsized reward.

Quick Reads

CEO Pay Rises Despite Shareholders Continuing to Lose

Ticker Company 1/3/5
Yr TSR
CEO Pay 2023 Pay Change % 2023 Pay Change $ Shareholder Loss on $10K Compensation Consultant Filing
TDOC TELADOC HEALTH INC -50.6%
-92.4%
-75.0%
2023: $11.6M
2022: $10.9M
2021: $11.6M
6.8% $0.74M $-9,243 Aon View
PENN PENN ENTERTAINMENT INC -41.2%
-80.6%
-18.1%
2023: $15.5M
2022: $14.1M
2021: $65.9M
10.4% $1.47M $-8,056 Exequity View
WBD WARNER BROS DISCOVERY INC -37.8%
-77.9%
-71.0%
2023: $49.7M
2022: $39.3M
2021: $246.6M
26.5% $10.41M $-7,791 Pay Governance View
U UNITY SOFTWARE INC -19.4%
-77.3%
2023: $27.1M
2022: $11.8M
2021: $12.5M
129.8% $15.33M $-7,733 Semler Brossy View
PYPL PAYPAL HOLDINGS INC -13.1%
-75.4%
-39.7%
2023: $41.9M
2022: $22.0M
2021: $32.1M
90.9% $19.96M $-7,543 Compensia View
MPW MEDICAL PROPERTIES TRUST INC -37.1%
-72.9%
-60.0%
2023: $17.9M
2022: $16.0M
2021: $17.0M
11.4% $1.83M $-7,292 View
CLVT CLARIVATE PLC -21.2%
-71.8%
-48.7%
2023: $12.5M
2022: $8.4M
49.0% $4.11M $-7,179 Pay Governance, Willis Towers Watson View
NWL NEWELL BRANDS INC -39.7%
-69.7%
-37.4%
2023: $25.5M
2022: $10.3M
2021: $11.4M
148.0% $15.24M $-6,967 View
ZG ZILLOW GROUP INC -2.0%
-67.8%
25.7%
2023: $26.4M
2022: $11.5M
2021: $21.0M
129.2% $14.86M $-6,781 Aon, Compensia View
ETSY ETSY INC -33.0%
-67.5%
7.6%
2023: $16.6M
2022: $16.5M
2021: $40.6M
0.7% $0.12M $-6,750 Compensia View
CNXC CONCENTRIX CORP -45.7%
-63.3%
2023: $10.2M
2022: $8.6M
2021: $15.1M
18.8% $1.62M $-6,329 Aon, Frederic W. Cook View
CHTR CHARTER COMMUNICATIONS INC -20.0%
-59.5%
-25.6%
2023: $89.1M
2022: $15.6M
2021: $11.7M
470.0% $73.45M $-5,951 Semler Brossy View
FL FOOT LOCKER INC -44.1%
-56.8%
-55.9%
2023: $14.7M
2022: $9.3M
58.4% $5.42M $-5,681 View
RCM R1 RCM INC -25.2%
-55.0%
21.0%
2023: $14.2M
2022: $3.8M
274.1% $10.37M $-5,503 View
BAX BAXTER INTERNATIONAL INC -6.7%
-50.3%
-40.5%
2023: $13.8M
2022: $13.6M
2021: $15.6M
1.5% $0.20M $-5,028 Aon, Meridian View
APTV APTIV PLC -33.3%
-49.4%
-20.9%
2023: $18.0M
2022: $16.2M
2021: $14.7M
11.1% $1.79M $-4,943 Meridian, Semler Brossy View
ALGN ALIGN TECHNOLOGY INC -12.2%
-49.3%
7.3%
2023: $29.0M
2022: $18.7M
2021: $21.6M
55.0% $10.27M $-4,931 Aon, Compensia View
WHR WHIRLPOOL CORP -20.8%
-48.5%
-8.1%
2023: $13.5M
2022: $11.9M
2021: $18.8M
13.1% $1.56M $-4,855 Frederic W. Cook, Willis Towers Watson View
BURL BURLINGTON STORES INC -5.8%
-44.1%
12.8%
2023: $13.9M
2022: $12.8M
2021: $13.9M
8.1% $1.03M $-4,406 Meridian View
ZBRA ZEBRA TECHNOLOGIES CORP -3.9%
-43.3%
20.0%
2023: $11.3M
2022: $4.2M
2021: $4.0M
166.1% $7.03M $-4,325 Willis Towers Watson View
SWKS SKYWORKS SOLUTIONS INC -4.5%
-42.3%
23.9%
2023: $17.3M
2022: $16.7M
2021: $16.2M
3.6% $0.59M $-4,232 Aon View
CCI CROWN CASTLE INC -19.7%
-41.1%
-5.4%
2023: $14.7M
2022: $12.5M
2021: $14.6M
17.9% $2.23M $-4,106 Frederic W. Cook, Meridian View
PODD INSULET CORP -47.6%
-41.0%
102.9%
2023: $12.4M
2022: $10.8M
14.4% $1.56M $-4,103 Pearl Meyer & Partners View
IVZ INVESCO LTD -10.0%
-35.9%
-13.2%
2023: $17.4M
2022: $15.2M
2021: $12.9M
14.4% $2.18M $-3,591 View
LBTYA LIBERTY GLOBAL LTD -11.0%
-33.8%
-38.8%
2023: $44.6M
2022: $19.0M
2021: $62.0M
134.5% $25.56M $-3,384 Deloitte Consulting, Pearl Meyer & Partners View
YUMC YUM CHINA HOLDINGS INC -37.6%
-32.7%
-9.6%
2023: $20.3M
2022: $15.9M
2021: $16.6M
28.0% $4.44M $-3,272 Mercer View
SEE SEALED AIR CORP -31.6%
-31.3%
-25.1%
2023: $15.7M
2022: $10.4M
2021: $9.7M
51.8% $5.37M $-3,132 Pearl Meyer & Partners View
TGNA TEGNA INC -14.7%
-30.7%
-3.4%
2023: $11.0M
2022: $7.3M
2021: $7.0M
50.8% $3.69M $-3,067 Aon, Meridian, Willis Towers Watson View
BA BOEING CO -17.5%
-27.8%
-53.8%
2023: $32.8M
2022: $22.6M
2021: $21.2M
45.0% $10.17M $-2,780 Frederic W. Cook, Pay Governance View
ALB ALBEMARLE CORP -33.6%
-24.9%
47.6%
2023: $14.5M
2022: $11.1M
2021: $9.0M
30.2% $3.35M $-2,490 Farient Advisors View
AMT AMERICAN TOWER CORP -11.6%
-24.7%
2.1%
2023: $19.7M
2022: $18.3M
2021: $16.1M
7.7% $1.40M $-2,474 Meridian View
ES EVERSOURCE ENERGY -20.1%
-24.2%
0.9%
2023: $18.9M
2022: $13.0M
2021: $6.5M
45.7% $5.93M $-2,420 Pay Governance View
LVS LAS VEGAS SANDS CORP -26.2%
-20.2%
-26.3%
2023: $21.9M
2022: $11.4M
2021: $31.2M
92.3% $10.53M $-2,022 Korn Ferry View
PPG PPG INDUSTRIES INC -6.4%
-19.9%
21.4%
2023: $12.5M
2022: $2.9M
2021: $3.1M
335.9% $9.61M $-1,986 Aon, Frederic W. Cook, Willis Towers Watson View
BWA BORGWARNER INC -21.4%
-19.8%
-5.7%
2023: $19.3M
2022: $17.9M
2021: $17.6M
8.1% $1.45M $-1,983 Pearl Meyer & Partners View
WYNN WYNN RESORTS LTD -12.5%
-19.7%
-26.1%
2023: $16.2M
2022: $12.2M
2021: $10.7M
32.1% $3.92M $-1,973 Aon View
SBUX STARBUCKS CORP -17.0%
-19.3%
28.8%
2023: $14.6M
2022: $8.8M
66.1% $5.81M $-1,932 Pay Governance View
CIEN CIENA CORP -4.6%
-17.0%
15.5%
2023: $15.4M
2022: $12.0M
2021: $11.5M
28.4% $3.41M $-1,695 Compensia View
T AT&T INC -3.0%
-16.4%
-6.9%
2023: $26.5M
2022: $22.9M
2021: $24.8M
15.4% $3.53M $-1,639 Frederic W. Cook View
REXR REXFORD INDUSTRIAL REALTY INC -21.0%
-15.0%
35.7%
2023: $13.8M
2022: $12.6M
2021: $10.2M
9.5% $1.20M $-1,504 Farient Advisors, Ferguson Partners View
XEL XCEL ENERGY INC -18.7%
-14.8%
16.7%
2023: $21.4M
2022: $10.3M
2021: $8.4M
107.0% $11.04M $-1,480 Meridian View
AGCO AGCO CORP -0.6%
-9.8%
87.3%
2023: $17.3M
2022: $13.4M
2021: $11.2M
29.4% $3.92M $-984 Korn Ferry View
IDXX IDEXX LABORATORIES INC -0.4%
-9.6%
122.8%
2023: $11.5M
2022: $9.8M
2021: $9.1M
17.7% $1.73M $-960 Farient Advisors View
COO COOPER COMPANIES INC -4.8%
-9.5%
29.1%
2023: $13.5M
2022: $11.7M
2021: $11.0M
15.0% $1.75M $-948 Compensia View
ZTS ZOETIS INC -14.6%
-9.4%
54.7%
2023: $15.2M
2022: $14.0M
2021: $13.1M
8.8% $1.23M $-940 Pearl Meyer & Partners, Willis Towers Watson View
ABT ABBOTT LABORATORIES -1.7%
-8.1%
57.2%
2023: $23.3M
2022: $21.7M
2021: $24.9M
7.1% $1.55M $-806 Meridian View
UPS UNITED PARCEL SERVICE INC -20.5%
-7.6%
54.1%
2023: $23.4M
2022: $19.0M
2021: $27.6M
23.3% $4.42M $-760 Frederic W. Cook View
WPC W P CAREY INC -16.2%
-7.5%
0.4%
2023: $11.8M
2022: $9.4M
2021: $10.1M
25.3% $2.38M $-747 Frederic W. Cook View
BERY BERRY GLOBAL GROUP INC -1.0%
-7.2%
0.8%
2023: $11.7M
2022: $10.4M
2021: $11.5M
12.4% $1.29M $-721 Willis Towers Watson View
FHN FIRST HORIZON CORP -14.6%
-4.0%
25.4%
2023: $13.0M
2022: $7.2M
2021: $8.4M
80.2% $5.81M $-402 Meridian View
MSCI MSCI INC -17.2%
-2.8%
110.0%
2023: $13.8M
2022: $13.0M
2021: $10.3M
6.1% $0.79M $-275 Semler Brossy View
CVS CVS HEALTH CORP -2.6%
-2.2%
51.1%
2023: $21.6M
2022: $21.3M
2021: $20.4M
1.4% $0.30M $-215 Korn Ferry View
JNJ JOHNSON & JOHNSON -5.3%
-1.7%
24.3%
2023: $28.4M
2022: $13.1M
2021: $13.8M
116.8% $15.30M $-174 Semler Brossy View
LKQ LKQ CORP -24.7%
-0.9%
43.3%
2023: $12.2M
2022: $10.7M
2021: $9.4M
13.5% $1.45M $-94 Frederic W. Cook View

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