McDonald’s CEO Chris Kempczinski received more than $10.8 million in compensation last year.
McDonald’s CEO Chris Kempczinski pocketed more than $10.8 million in compensation last year, despite the company missing performance targets, according to a company filing.
Last April, the fast-food giant said that its executives would take pay cuts as the Covid-19 pandemic pounded the restaurant industry. Kempczinski’s base salary was cut in half but revised in October as the company’s sales recovered. Without the pay cut, his base salary would have been $1.25 million, but he received about $963,500 instead.
Like most chief executives of publicly traded companies, the majority of Kempczinski’s compensation does not come from a salary. Stock and option awards increased his compensation by $9.5 million, while other forms of compensation, like use of the company’s private plane, accounted for an additional $383,000.
McDonald’s executives did not receive any performance-based bonuses last year because the company fell short of goals for growth in operating income and other metrics. Kempczinski could have netted an additional $4.25 million. The fast-food chain’s total CEO compensation in 2019 exceeded $18 million.