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Sirius XM Radio CEO Mel Karmazin Paid $10.7 Million in 2011

Mel Karmazin
Scott Wintrow/Getty Images
Mel Karmazin

The man who recently called himself "one of the most underpaid executives in history" earned an 8 percent pay hike as the satellite company also boosted subscribers by 8 percent.

Mel Karmazin, who thinks he's vastly underpaid, earned $10.7 million in 2011 for his services as CEO of Sirius XM Radio, nearly $1 million more than he was paid the prior year but down significantly from his $43.5 million compensation in 2009, courtesy of $35.2 million in stock options that year.

According to a filing with the SEC on Wednesday, Karmazin's base salary was unchanged year-over-year at $1.5 million, though his bonus rose to $9.2 million from $8.4 million a year ago. He also earned $7,350 in matching 401(k) contributions each year.

Karmazin's 8 percent boost in pay came during a year when shares of Sirius XM rose 12 percent, though -- as Forbes magazine noted when it named Karmazin a "laggard" in its annual ranking of CEOs -- the stock has fallen about 80 percent since he was named CEO in 2004. Karmazin's earnings hike in 2011 mirrors the increase in subscribers, which rose 8 percent in 2011 to 21.9 million.

The Sirius XM executive who earned the most money in 2011 was CFO David Frear with $20. 8 million, up from $3.4 million the year prior. The gigantic boost was due to $18.9 million in stock options.

Chief content officer Scott Greenstein earned $2.3 million, up from $2.1 million; president of operations and sales James Meyer earned $3.1 million, up from $2.8 million; chief administrative officer Dara Altman made $8.7 million, up from $1.9 million ($7.5 million came from stock options in 2011); and general counsel Patrick Donnelly made $1.6 million, down from $7.5 million ($6 million came from stock options in 2010).