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Jax Daily Record Friday, May 13, 202204:50 AM EST

CEO pay: Initial public offerings produce windfall for executives

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CEOs from Cadre Holdings, Dream Finders Homes and Redwire benefited from their companies going public.
by: Mark Basch Contributing Writer

Initial public offerings can be profitable for chief executive officers.

A look at the 2021 compensation packages for CEOs of public companies headquartered in the Jacksonville area shows those of newly public companies had some of the biggest pay gains last year.

Their total pay packages were large in 2021 because of the estimated value of stock the CEOs were awarded after the IPOs.

Cadre Holdings Inc. CEO Warren Kanders’ 2021 compensation package was nearly six times higher than his 2020 package because his $11.7 million in compensation included stock awards valued at $9.3 million.

Dream Finders Homes Inc. Chief Executive Patrick Zalupski received stock valued at $10.7 million as part of his $14.4 million package, and Redwire Corp. CEO Peter Cannito’s $3.1 million package included $1.6 million in stock.

The other Jacksonville area company that went public in 2021, Treace Medical Concepts Inc., did not grant new stock awards to CEO John Treace. But the founder of the company already owns 19% of Treace Medical’s shares.

The largest percentage increase in CEO pay went to ParkerVision Inc. CEO Jeffrey Parker.

The value of his package was almost 10 times as high as 2020 because his $3.9 million in pay included $3.6 million in options to buy additional stock.

The largest 2021 pay packages in total value went to CEOs of two of Jacksonville’s three Fortune 500 companies.

Gary Norcross of Fidelity National Information Services Inc. received compensation valued at $25 million and CSX Corp. Chief Executive James Foote received $20 million.

The other Fortune 500, Fidelity National Financial Inc., gave CEO Raymond Quirk $10.5 million in compensation.

 

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