Compass’ CEO is giving up $25 million in performance-based restricted stock unit compensation in exchange for something a little more specific, according to an SEC filing. His salary will also increase to $900,000.
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Compass CEO Robert Refkin plans to give up $25 million in performance-based restricted stock unit awards in exchange for something a little more specific: a $7 million cash bonus, sources say. magazine reported. SEC filing genuine reported on.
robert refkin compass
CEOs’ base salaries have also increased, at least from the latest figures available. Mr. Refkin’s salary in 2024 will be $900,000, up from $400,000 in 2022. Salary for 2023 has not yet been announced.
Mr. Levkin will also receive a performance-based bonus in 2024 and $2.25 million in restricted stock units (RSUs) that vest annually over four years. He will earn his second RSU in 2025.
There are restrictions on when you can sell RSU shares, so their future value is not yet known.
Compass has struggled to turn a profit since its inception, and its stock has lost 80% of its value since the company went public in 2021. However, the stock price is up 95% year over year.
The company will also pay $25,000 in legal costs related to changes in Mr. Refkin’s compensation.
The adjustments were made “for the purpose of providing market-based CEO compensation” and were made in conjunction with independent compensation consultants, the SEC filing said.
ryan schneider everywhere
Mr. Levkin’s new compensation is certainly in line with other big real estate CEOs, but those companies have a much better track record of profitability.
Anywhere’s Ryan Schneider was given an $8 million stock grant and a $5 million cash bonus last year, and has a base salary of $1 million. The bonus was primarily a result of Anywhere’s settlement with Sitzer, according to SEC filings. The Barnett Commission case resulted in larger judgments against other companies that went to trial in this case.
Opendoor’s Carrie Wheeler earned a base salary of $750,000 last year, plus a $250,000 target bonus, a $250,000 performance bonus and $27 million in stock. After some struggles earlier this year, Opendoor returned to profitability in his second quarter of 2023.
Carrie Wheeler | Open Door
In 2021, Mr. Levkin’s compensation was more closely tied to his brokerage stock, likely because Compass went public in the spring of that year. Mr. Levkin received $89 million in stock in 2021.
And even though salaries and bonuses are set to be loosened, Levkin’s latest compensation package is not without limitations. If he leaves Compass or is fired within the next two years, he will have to repay his $7 million bonus, of which $875,000 will be returned to him. Quarterly non-refundable.
In 2021, Compass’ stock price debuted at $18 per share, and in 2023, it hit a low of $1.82 per share. As of Tuesday, the stock price was $3.54. Meanwhile, Anywhere’s stock price was $7.89 and Opendoor’s stock price was $4.28 as of Tuesday’s market close.
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