Yahoo Finance Carlyle CEO Awarded $187 Million Pay Package in First Year
(Bloomberg) -- Carlyle Group Inc. Chief Executive Officer Harvey Schwartz was awarded a $187 million pay package in his first year at the private equity firm.
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The vast majority of his compensation — $180 million of restricted stock units that he received when he joined the firm — vests over several years and is based on how long he stays in the role and how well the shares perform. He also received a $6 million cash bonus that was double the size of his target and a salary of $838,462, according to a filing Wednesday.
Schwartz, 60, a former Goldman Sachs Group Inc. president, has been tasked with steadying Carlyle for growth, boosting performance of key strategies and bolstering its stock price, which has lagged behind its biggest publicly traded rivals.
During his first year, the CEO revamped how key dealmakers and executives are paid, tying their compensation more closely to investor returns. He also asked division heads to cut costs. The Washington-based firm increased its capacity for buying its own shares to $1.4 billion earlier this year.
Read More: Harvey Schwartz Spends First Year at Carlyle Tending Old Wounds
Carlyle’s board, which includes founders David Rubenstein, Bill Conway and Daniel D’Aniello, determined that Schwartz exceeded goals for key metrics such as fee-related earnings and cost-cutting, as well as organizational changes.
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