Warner Bros. Discovery CEO David Zaslav noticed the worth of his 2023 compensation package deal rise to $49.7 million, in contrast with $39.3 million in 2022 when the Discovery-WarnerMedia merger had closed.
The leisure conglomerate disclosed newest pay particulars for its high executives in a regulatory submitting.
Zaslav’s 2023 pay consisted of a $3 million wage, and greater than $23 million in inventory awards, in addition to $22 million in non-equity incentive compensation and $1.6 million in different compensation, together with safety prices. The rise in compensation was due partly to a choice by WBD to alter its govt compensation plan to concentrate on cashflow, slightly than inventory worth. In 2023 WBD’s free cashflow rose partly because of the Hollywood strikes, which shut down productions for months.
In 2021, then-Discovery CEO Zaslav had acquired a pay package deal value $246.6 million, an enormous soar from $37.7 million in 2020 and $45.8 million in 2019. That was pushed by a Might 2021 employment settlement that was set to maintain Zaslav on the firm by way of the tip of 2027. (Inventory choices that he acquired associated to the extension boosted the calculated worth of his 2021 compensation package deal, regardless that they didn’t result in any speedy payouts, with a lot of the compensation set to vest over the course of his employment contract interval.)
Warner Bros. Discovery’s inventory rose 20 % in 2023, whereas its financials have been blended. Annual income fell 4 % in 2023 to $41.3 billion, whereas adjusted earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) rose 11 % to $10.2 billion. Free money move, one other profitability metric that reveals an organization’s capability to finance its enterprise with out the necessity for outdoor funding and is an enormous focus for WBD administration, jumped 86 % to $6.2 billion.
The submitting additionally disclosed pay for different high WBD executives, with CFO Gunnar Weidenfels taking dwelling greater than $17 million; chief income and technique officer Bruce Campbell incomes $18.3 million; streaming and video games chief JB Perrette seeing comp of $20.1 million; and worldwide chief Gerhard Zeiler incomes $13.3 million, all up considerably from the 12 months prior.