- Doug Becker the former CEO and current chairman of Laureate Education Inc. saw his compensation increase 257 percent in 2017 mainly because of the company's initial public offering.
Becker's pay package was 257 percent higher than the prior year, according to the company's proxy statement filed Friday with the U.S. Securities and Exchange Commission.
The increase was mainly a result of stock option awards Becker received that were related to Laureate's (NASDAQ: LAUR) initial public offering, The Baltimore-based for-profit education provider became a public company for the second time last year with a $490 million IPO.
Excluding $14.6 million in option awards related to the IPO, Becker's compensation rose 29.8 percent to $8.3 million. Becker retired on Dec. 31 and was succeeded by Eilif Serck-Hanssen, the company's chief financial officer. He is still the company's non-executive chairman.
Becker's salary rose 9.9 percent to $1.1 million. He received $1.4 million from Laureate's non-equity incentive compensation plan.
His overall option awards totaled $20.4 million. Of that total, $14.6 million relates to profit interests Becker received from a group called Wengen Alberta Limited Partnership. Wengen was the private group consisting of Becker and other major shareholders that took Laureate private in 2007.
Serck-Hanssen's compensation increased 87 percent to $5.8 million. His base salary was $686,716. He also received $1.7 million in stock awards and $2.4 million in option awards. He received $1 million from Laureate's non-equity incentive compensation plan.
Ricardo M. Berckemeyer was formerly chief operating officer and Latin America CEO. He became president of Laureate on Jan. 1. His compensation in 2017 totaled $6.6 million, an increase of 57 percent from the prior year.
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