Booking Holdings CEO Glenn Fogel will receive 54 million dollars (51 million euros) in rewards this year for his earnings between 2018 and 2021. This partly concerns adjustments to previous bonus packages in shares that had fallen sharply in value due to the corona crisis, reports the parent company of the Dutch hotel booking site Booking.com.
In its annual report, Booking Holdings reports that the company grew strongly in 2019 under Fogel. In 2021, amid new strains of the coronavirus, results recovered and the company still managed to post a net profit. The company would also have met its target for return on shares. The company had to cut thousands of jobs for that improvement.
Fogel will receive a base salary of USD 750,000 for 2021, according to Booking Holdings’ explanation to the upcoming shareholders’ meeting. In addition, the CEO will receive a bonus of USD 5.2 million in cash for the past year. In addition, a commitment of USD 23.9 million in shares as variable remuneration. The company emphasizes that these can also fall in value.
The remainder of the $54 million in awards are adjustments to previously committed stock performance incentives. Those pieces, which Fogel received for the company’s achievements in 2018 and 2019, had become virtually worthless due to the pandemic. According to a spokesperson, the remuneration for Fogel corresponds to bonuses and salaries that top executives at similar concerns receive.
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