SAN FRANCISCO – LinkedIn CEO Jeffrey Weiner’s compensation rose about 42-fold in 2013 amid big gains in the professional networking service’s stock price.
Weiner received a compensation package valued at $49.1 million last year, according to a regulatory filing. That’s up from $1.2 million in 2012 and from $7.6 million in 2011, the year the company went public.
Weiner’s salary totalled $583,750 for the year, up from $535,000 in 2012. The bulk of his 2013 compensation package came from stock and option awards totalling $47.4 million. He did not get stock or option awards in 2012.
He also received a cash bonus totalling $1.1 million and $4,664 in other compensation that included 401(k) matching contributions and an iPad that was given to every employee.
In addition to his compensation, Weiner exercised stock options in 2013, reaping a windfall of $169.8 million.
LinkedIn’s stock gained 89 per cent in 2013. The company finished last year with a strong showing. Its earnings grew 24 per cent to $26.8 million, or 23 cents per share, from $21.6 million, or 19 cents per share, in 2012.
Revenue climbed 57 per cent to $1.53 billion from $972.3 million. But the company indicated that its performance will weaken this year as management ramps up spending while revenue growth slows. Weiner said in February that the LinkedIn will be spending “significantly” on data centres and long-term projects that may take several years to pay off.
The Associated Press formula calculates an executive’s total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year.