David Zaslav’s compensation for 2022 came in at nearly $39.3 million, down significantly from last year when a major option trade bumped the figure to $246 million.
According to the company’s proxy statement filed with the SEC today, the CEO of Warner Bros. compensation for a $21 million stock incentive plan (such as a cash bonus).
WBD has also scheduled May 8 for its annual shareholder meeting.
The proxy lists the salaries of the five highest paid executives. CFO Gunnar Wiedenfels package increased to $13.5 million from $11.3 million; Chief Revenue and Strategy Officer Bruce Campbell’s total compensation of $13.7 million exceeded $12.6 million; Jean-Briac Perettte, CEO of Global Streaming and Games, received a reward of $14 million from $13.4 million; and International President Gerhard Zeiler’s salary was $10 million.
Zaslav is often one of the highest paid CEOs, not only in media, but across all industries. His total compensation was boosted by a $202 million stock option grant when his contract was renewed prior to the Discovery-Warner Media merger. The options require the stock to meet certain benchmarks spread over seven years before it is in the money.
Earlier this month, Warner Bros. Discovery made adjustments to Zaslav’s employment contract, granted a larger number of restricted shares, but linked them to free cash flow targets.
The executive, who was eligible for annual performance-related restricted stock (PRSU) awards starting at $12 million, can now double the number of underlying shares if the company hits certain targets, and is also eligible for an additional PRSU grant worth US$11.5 million annually.
WBD also vested $27 million in PRSUs for other top executives and other cash flow-related employees. Boosting liquidity and reducing debt is critical for WBD, which has nearly $50 billion in debt. The company reduced staff and programmed and adjusted its processes. It will unveil its new streaming strategy at a press event next month.
Source: Deadline
Bernice Bonaparte is an author and entertainment journalist who writes for The Fashion Vibes. With a passion for pop culture and a talent for staying up-to-date on the latest entertainment news, Bernice has become a trusted source for information on the entertainment industry.
