Snap released its Form 10-K, detailing the company’s financials for 2017. There’s a bunch to digest in the lengthy document, but one thing certainly sticks out: CEO Evan Spiegel’s compensation.
According to the tax form, Spiegel’s total compensation was $637,790,892. This includes a salary of $98,078, “other” compensation of $1,079,925, as well as a one-time stock award of $636,612,889. Compare this to 2016, when Spiegel’s entire compensation was only $2,404,840. (It’s also interesting to note that Tim Cook was awarded $378 million in stock awards when he first took Apple’s reins in 2011, which is paltry compared to Spiegel’s hearty stock compensation.)
Spiegel currently has 48.4% of the voting power over Snap, while cofounder Robert Murphy holds 47.4%. That leaves only 4.2% for everyone else. Spiegel’s voting power, combined with his over $600 million in compensation, does feel like a bit much. I’m sure investors have a lot to say about this. (If you are an investor, I’d love to hear from you!)CGW