CBRE CEO Bob Sulentic earned much more than $25.9 million in whole compensation very last yr as part of a pay package deal recognizing what the world’s largest professional authentic estate brokerage called “sound economic general performance” even as extensive-phrase interest rates a lot more than doubled and a credit score crunch hobbled investment decision exercise.
About 95% of Sulentic’s bundle is tied to monetary and strategic efficiency steps, as very well as total stockholder return, the business stated. His complete offer topped the $13.9 million he was awarded in 2021.
Component of the soar was attributed to what the organization phone calls a 1-time strategic award with a grant worth of $7.5 million, according to CBRE’s 2023 proxy assertion it filed with the Securities and Exchange Commission Tuesday. In having this award, Sulentic agreed to continue to be on by way of Dec. 31, 2026.
Sulentic has been president and CEO of CBRE for the past decade and last year he oversaw a rough running setting, which led to the business slicing about $400 million in expenditures.
The true estate products and services firm’s second optimum-paid out worker for 2022 was Michael Lafitte, who served as global group president of Dallas-dependent CBRE’s consumer treatment business and CEO of Trammell Crow Co., CBRE’s growth arm. Lafitte was compensated nearly $6 million in 2022, in accordance to the proxy. Lafitte left the business in February to pursue other opportunities following far more than 25 years as a top govt at the firm.
Daniel Queenan, who is serving as CEO of CBRE’s true estate investments group, was the third maximum-compensated employee at the company with a complete compensation in 2022 of about $5.90 million.
John Durburg, who is main executive of the firm’s advisory expert services company, ranks as the fourth maximum-compensated govt at CBRE with a complete payment package of about $5.8 million in 2022.
Meanwhile, Chandra Dhandapani, CEO of the world wide place of work options company, attained total payment of about $5 million in 2022, significantly less than the $5.7 million she earned in 2021, according to the proxy. Dhandapani was CBRE’s fifth best-paid out named govt officer in 2022.
CBRE Chief Fiscal Officer Emma Giamartino was CBRE’s sixth optimum-compensated govt officer in 2022 with complete compensation of approximately $3.5 million. Giamartino’s complete payment in 2021 was far more than $5.8 million.
Proxy statements commonly deliver the most transparent information and facts about a publicly traded firm’s named executive officers, or prime-paid out workers. They also have intriguing info these as CEO pay out ratio, which compares the complete payment of a company’s top executive to the median staff pay.
In all, Sulentic’s fork out of much more than $25.9 million to the median employee shell out of $71,748 in 2022 was a 361-to-1 ratio, in accordance to the proxy. If the just one-time strategic award of $7.5 million was removed from his total compensation final yr, his annual pay of extra than $18.4 million would have a 257-to-just one ratio.
CBRE’s proxy filing this week also disclosed an employment connection involving Sulentic. Bradley Benjamin, a vice president in CBRE’s capital markets retail follow in Dallas, is Sulentic’s son-in-regulation. Benjamin attained $153,322 in commissions and gains in 2022, in accordance to the proxy.