- Uber paid its top five executives $US143 million in total compensation last year.
- CEO Dara Khosrowshahi’s pay package was $US45 million, but he wasn’t Uber’s top-paid executive.
- That was Barney Harford, the company’s chief operating officer, who received $US47.3 million in total compensation.
- Uber disclosed the salaries as part of the S-1 document it filed as part of its proposed initial public offering.
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Dara Khosrowshahi was Uber’s$US45 million man last year.
But even with that kind of compensation, he still wasn’t the top-paid executive at the company in 2018. That title goes to Barney Harford, the company’s chief operating officer, whose salary package topped Khosrowshahi’s by $US2.3 million.
Uber disclosed the salaries of its top executives as part of its initial-public-offering (IPO) paperwork, which it made public on Thursday. The company’s IPO could give it a valuation of more than $US100 billion.
The San Francisco startup handed out $US143 million in total compensation to its top five executives last year, nearly all of which came in the form of stock awards.
Khosrowshahi, for example, received a $US1 million salary last year and a $US2 million bonus. Uber also gave him three restricted stock grants that it collectively valued at $US40.1 million. Additionally, it paid $US2 million to provide him with security; reimbursed him for $US89,000 of commuting, relocation, and temporary housing costs; and gave him another $US98,357 to pay the taxes on those reimbursements.
The big pay came despite massive operating losses
Harford’s pay package contained a similar mix of components. Uber paid him $US500,000 in salary and gave him a $US1 million bonus. It also gave him restricted stock worth $US26.3 million and stock options worth $US19.6 million. The company paid $US189,137 in security-related costs for him, reimbursed him for $US40,236 worth of temporary-housing costs, and gave him another $US31,347 to pay the taxes on that reimbursement.
The ranks of Uber’s top-compensated officers were skewed a bit by the fact that two of them worked for the company for only part of the year. Nelson Chai, Uber’s chief financial officer, who took home a total pay package of $US28 million, started in September. And Nikki Krishnamurthy, the company’s chief people officer, who got a total compensation package of $US9.7 million, started in October.
Rounding out the top five was Thuan Pham, Uber’s chief technology officer, who got $US12.7 million in total pay last year.
The hefty salaries came despite the fact that the company, which has struggled to operate profitably, saw its operations burn through $US3 billion for the year. Although Uber turned a profit for the year, that was largely because of the sale of some of its foreign assets to rivals.
The disclosure of the massive pay packages comes amid complaints from the company’s drivers about low pay and after a study that indicated the average driver pay for such services has dropped markedly in recent years to just $US783 a month.
- Read more:
- The amazing life of Uber CEO Dara Khosrowshahi – from refugee to tech superstar and a huge IPO
- ‘I won’t be perfect, but I will listen to you.’ Uber CEO outlines the company’s ‘enormous’ opportunity while acknowledging its turbulent past in letter to investors
- Uber warns that its reputation may always be a risk for its continued success
- Uber warns that Apple and Google’s stranglehold over the distribution of apps poses a major risk to its business
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