An SEC filing showed the Compass CEO is letting go of $25 million in performance-based restricted stock unit awards in exchange for something a bit more tangible. His salary is also going up to $900,000.
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Compass CEO Robert Reffkin is letting go of $25 million in performance-based restricted stock unit awards in exchange for something a bit more tangible — a $7 million cash bonus, according to an SEC filing The Real Deal reported on.
Robert Reffkin | Compass
The CEO’s base salary is also getting a boost, at least from most recent available figures. In 2024, Reffkin’s salary will be $900,000, up from the $400,000 he earned in 2022. His 2023 salary is not yet public.
Reffkin will also receive a performance-based bonus in 2024, and $2.25 million in restricted stock units (RSUs), which will vest annually over four years. In 2025, he’ll get a second RSU.
Because there are restrictions on when RSU shares can be sold, their future value is not yet known.
Compass has struggled to make a profit since its inception, and shares have lost 80 percent of their value since the brokerage went public in 2021. However, shares are also up 95 percent year over year.
The company is also slated to pay $25,000 in legal fees associated with the changes made to Reffkin’s compensation.
The adjustments were made “with the objective of providing market-based CEO compensation,” and after enlisting an independent compensation consultant, SEC filings showed.
Ryan Schneider | Anywhere
Reffkin’s new compensation is indeed in line with other major real estate CEOs, however, those companies have a much better profitability track record.
Anywhere’s Ryan Schneider was given an $8 million equity grant last year, a $5 million…