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Plug Power Inc. Chief Executive Officer Andrew Marsh’s total compensation in 2022 plunged about 99% from the year before to below $800,000, just as the fuel-cell company’s stock had its worst year in 10 years.
In the 2022 proxy statement filed late Monday, the company
PLUG,
said Marsh’s total compensation was $766,555, made up of $750,000 in base salary and $16,555 in “all other compensation,” which included $15,250 in matching contributions for the 401(k) saving plans and $1,305 for life insurance premiums.
That’s down from $52.25 million in 2021, which included the same $750,000 base salary, but also $50.80 million in option awards and $682,500 in nonequity-incentive plan compensation. In 2020, Marsh’s total compensation was $13.63 million.
In 2022, Plug reported net losses that widened 57.4% from the year before to $723.17 million, even as revenue increased 39.6% to $701.44 million. (Read more about Plug’s results for the first quarter of 2023 and the fourth quarter of 2022.)
CEO Marsh’s 2022 compensation was 12.5 times the median compensation of its employees, including full-time, part-time, seasonal and temporary employees, of $61,163. That compares with the 2021 CEO pay ratio of 916-to-1, and the 2020 pay ratio of 203-to-1.
Meanwhile, the stock sank 56.2% in 2022, the biggest yearly selloff since it plummeted 75.5% in 2012. It had dropped 16.8% in 2021 after skyrocketing 973.1% in 2020.
On Tuesday, the stock slumped 3.8% to $7.55, just above last Friday’s three-year closing low of $7.48. It has tumbled 39.0% year to date, while the S&P 500 index
SPX,
has gained 7.0% this year.
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