On Wednesday evening Facebook filed their S-1 with the SEC, setting the table for a giant IPO worth at least $5 billion.
Contained in said filings are some interesting bits of information about the company, not the least of which the salary information of Facebook’s top executives. And CEO Mark Zuckerbergs’s total compensation may surprise you. All in all, Zuckerberg raked in $1,487,362 – but we’re getting ahead of ourselves.
Facebook said that their compensation committee looked at the base salaries for their execs and adjusted them during Q1 of 2011. “The compensation committee decided to increase the base salaries of our executive officers in order to continue to bring their salaries closer to those paid by our Peer Group companies for similar positions,” said the filing.
With that in mind, they raised Zuckerberg’s salary by $100,000 and all other top execs by $25,000. They make a point to mention that these salaries are still under the 25th percentile of salaries of peer companies. Having said that, the Facebook group didn’t do too bad for themselves. In base salary alone, Facebook’s top five execs made between $275,000 and $500,000.
Facebook’s CEO made $1,487,362 in total compensation in 2011. This includes $483,333 in base salary, plus a $220,500 bonus. The rest of it comes in “other compensation” – to the tune of $783,529. What’s that mean? The filing says it’s “$692,679 for costs related to personal use of aircraft chartered in connection with his comprehensive security program and on which family and friends flew during 2011, and $90,850 for costs related to estate and financial planning during 2011.
That near $500,000 salary isn’t going to be there for long, however. Zuckerberg will begin taking a $1 salary effective 2013. This is not an unprecedented moved for top tech CEOs – Steve Jobs and Google’s Larry Page are notable chiefs who also take only a buck in salary each year.
Mr. Zuckerberg will be fine, we predict. He does, after all, have a 28% stake in a company worth upwards of $100 billion.
Here’s the rest of the financial info for the execs. From the top: CEO Mark Zuckerberg, COO Sheryl Sandberg, CFO David Ebersman, VP of Engineering Mike Schroepfer, and VP General Counsel and Secretary Theodore Ullyot.