Last year, Core Scientific CEO Mike Levitt was the state’s highest-paid corporate executive. Until he wasn’t.
Levitt, former CEO of investment firm Kayne Anderson Capital and previously vice chairman at private-equity giant Apollo Global Management, joined the Austin cryptocurrency-mining company last May, reaching a compensation agreement that included 8.4 million restricted shares — shares that vest over a period of time — plus 3.15 million more restricted shares once the company went public
The company, which was founded in 2017 and moved its headquarters to Texas from Seattle last year, has not filed disclosures with Securities and Exchange Commission indicating that Levitt has sold any of his shares.Levitt was not alone among top-paid Texas technology company executives whose compensation was heavy on paper and light on cash..
The stock of the company, which moved its headquarters from Santa Monica, Calif. last year, has fallen about 30 percent since launching its IPO a year ago. No. 8 Alex Shootman earned $28.2 million as CEO of Plano-based cloud-based banking provider Alkami. That company also went public last year, and its shares have lost more than half their value since then.“The stock market is hammering tech companies,” said Wes Hart, managing director of the Houston office of Pearl Meyer, an executive compensation consultant. “When we look back at end of the year, oil and gas bonuses are going to be good. The others? Not so much.
Meanwhile, the list of the state’s highest-paid corporate executives also reflected the changing nature of such C-suite jobs and compensation packages. Three of the state’s 10 best-compensated executives - Levitt, Shootman and No. 10 Robert C. Holmes, chief executive of Texas Capital Bancshares of Dallas, became CEOs of their respective companies just last year.
“Executives are not guaranteed to receive the vast majority of their compensation unless the company performs,” said Ani Huang, CEO of Center On Executive Compensation, a group that studies, analyzes and promotes executive compensation policy. “That’s why the bulk of executive pay is delivered in the form of performance-based annual and long-term compensation rather than salary.”In 2020, the list was led by WarnerMedia’s Kilar, Donald Horton of homebuilder D.R.
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