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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).
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