Goldman Sachs' CEO David Solomon saw a significant increase of 26% in his compensation for the year 2024 compared to the previous year, as reported by the firm on Friday. His total compensation for 2024 amounts to $39 million, up from $31 million in 2023. Alongside, John Waldron, the President of Goldman Sachs, is also set to earn millions over the next five years.
Details of Compensation
In a recent regulatory filing, it was revealed that David Solomon received a salary increase of approximately 26% for the year 2024. His compensation package includes a base salary of $2 million, performance stock units in Goldman equity worth $25.9 million, an incentive bonus of $2.78 million, and a cash component of $8.33 million.
Retention RSUs for Long-Term Commitment
Both David Solomon and John Waldron were granted $80 million each in restricted stock units that will vest over a five-year period. These "retention RSUs" signify the firm's intention to retain the top leadership team for the foreseeable future and ensure stability and continuity in senior leadership.
Vote of Confidence in Leadership
The Compensation Committee highlighted strong financial performance in 2024 and strategic execution as key factors behind the decision to increase the CEO's and President's compensation. The move reflects confidence in David Solomon's leadership and strategic direction for the firm.
Emphasis on Business Performance
Goldman Sachs reported robust total net revenues exceeding $53 billion in 2024, with significant contributions from its banking and markets division. The firm also excelled in global banking, markets, and asset- and wealth-management business lines, showcasing its expertise and service offerings to clients.
Carried Interest Program for Top Leaders
Additionally, the bank announced a carried interest program where top executives will be compensated based on the performance of Goldman's third-party alternatives business. This initiative aims to attract and retain top talent in a competitive asset-management landscape.
Overall, the compensation adjustments and strategic initiatives outlined in the regulatory filing position Goldman Sachs for continued success under the leadership of David Solomon and John Waldron.
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By: ralexander@insider.com (Reed Alexander)
Title: Goldman Sachs CEO David Solomon’s Compensation Rises 26% to $39 Million in 2024
Sourced From: www.businessinsider.com/goldman-sachs-compensation-pay-ceo-david-solomon-john-waldron-retention-2025-1
Published Date: Fri, 17 Jan 2025 15:42:34 +0000
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