PayPal’s new chief executive, Dan Schulman is reported to receive a base salary of $900,000 in addition to equity awards over the next year of $18 million and be eligible for as much as $29.1 million in pay for benefits he is possibly forfeiting from his former employer American Express Co.
EBay will also pay Devin Wenig the same base salary as Schulman but since he isn’t joining from another company, his equity compensation was evaluated differently, and will receive as much as $4 million according to the filing. According to data complied by Bloomberg, Wenig received a total of $6.7 million last year in compensation.
When CEO John Donahoe revealed the new plan, he stated he wouldn’t take on executive role at the companies after the Ebay and PayPal spinoff. In his place, Wenig (EBay) and Schulman (PayPal) would take on the role as CEO, respectively by the end of 2015 when the separation is finalized.
If both CEO’s stay through and beyond the spinoff, their compensation is set to increase to $1 million a year, with target bonuses jumping to 200% of the base salary. According to the filing, the current bonus is set at 175% of their base salary.