Investing.com — Goldman Sachs’ board of directors has decided to increase total annual compensation for CEO David Solomon to $39 million in 2024, up from $31 million in 2023, based on the recommendation of the Compensation Committee.
In addition to the salary increase, the Board also approved the award of 130,508 restricted stock units (Retention RSUs) to Solomon and John Waldron, President and Chief Operating Officer (COO). The shares, which have a grant date value of $80 million and a five-year vesting period, vest on January 16, 2025. The move is part of management’s strategy to retain the senior management team and ensure stability and continuity in the company’s leadership over the next five years.
The retention RSUs, which are fully stock-based, are intended to align the interests of Solomon and Waldron with the long-term creation of shareholder value. These shares are not part of Solomon and Waldron’s annual compensation. The RSUs will not vest until January 2030, subject to continued employment with Goldman Sachs, with only certain exceptions such as death and disability.
The Company’s standard forfeiture and refund provisions apply to retention RSUs. This includes recapture for events constituting a “Cause”, default under any contract with Goldman Sachs, and engaging in materially improper risk analysis or insufficient raising of risk concerns.
In another case, the Compensation Committee and the Board approved the award of transferred interest points on January 14, 2025. This award was made to Solomon, Waldron, Chief Financial Officer Denis Coleman, Chief Legal Officer Kathryn Ruemmler and certain other senior executives as part of the 2024 annual compensation. . a year. This was done as part of the recently adopted long-term Interest Holder Incentive Program (CIP).
This article was generated with the help of AI and reviewed by an editor. See our T&C for more information.
