Cablevision CEO Jim Dolan's 2012 Pay Jumps to $16.9 Million
UPDATED: The cable operator says his compensation rose 47 percent due to higher stock awards and option awards that he hadn't received in 2011.
Cablevision Systems CEO Jim Dolan saw his 2012 compensation jump 47 percent to $16.9 million.
The company disclosed the pay in a regulatory filing Thursday. He had made $11.4 million in 2011.
Father and chairman Charles Dolan earned $16.6 million in 2012, up about 51 percent from $11.0 million in 2011.
The cable operator is the latest industry company to disclose compensation for its top executives.
Jim Dolan's compensation included an unchanged salary of $1.75 million, $3.9 million in stock awards, up from $2.8 million in 2011 and $6.9 million in option awards, which he didn't receive in 2011. However, his non-equity incentives dropped from $5.3 million to $3.7 million.
Dolan's $592,715 in "other compensation" was more than double the $276,123 he had received in 2011. The difference-makers were higher dividend payouts and perquisites. The latter included car and driver and $191,122 for such things as free cable television, high-speed Internet and telephony services, executive home security, use of the company’s travel department to arrange for personal travel and use of company-owned tickets to sporting and entertainment events.
Cablevision also said in a separate filing that it has entered into a new employment agreement with Kristin Dolan, the wife of Jim Dolan who was this week promoted to the post of president, Optimum Services.
The Dolans recently separated on a trial basis. Kristin Dolan's new contract runs through Dec. 31, 2017 and provides for a base salary of $1 million and an annual target bonus of at least that amount. "She will also be entitled to participate in future long-term cash and equity programs and arrangements that are made available to similarly situated executives of the company, the regulatory filing said.