Senior leaders at Atlanta-based United Parcel Service Inc. (NYSE: UPS) got a second pay raise and special stock awards in 2016, according to a Securities and Exchange Commission filing.
The higher compensation last year came despite the parcel carrier missing many of its performance targets, the Wall Street Journal reported.
David Abney, CEO, UPS
Leaders who received the higher compensation include CEO David Abney, whose total compensation of $13,724,572 was 21 percent higher than the previous year.
The September equity awards were valued at $2.6 million for the top five executives, and helped offset some performance-based pay that wasn’t fully paid out due to weak results, according to WSJ report on the SEC filing on Tuesday (March 14.) Compensation based on the prior three years' financial results was paid out at 72 percent of the target.
UPS’ board also boosted salaries 10 percent for top executives during the September review. That came six months after the typical annual salary review in March, which increased salaries about 4 percent.
The higher salary and one-time grants were designed to keep the company’s pay competitive with peers, and to tie more of the compensation to future performance, the company said.