Fortune writes that the biggest jump in CEO pay went to an executive whose company had decreased sales and profits and unimpressive stock performance. It includes a $3 million performance award despite failing to meet the performance targets.
That title went to Sandeep Mathrani, the CEO of General Growth Properties. (Cook’s income rose, too, in 2015, by $1 million to nearly $10.3 million.)General Growth, though, didn’t break any records with its performance in 2015. Both sales and operating profits at the mall operator fell slightly. And unlike Starbucks—where CEO Howard Schultz’s compensation actually fell nearly $1.4 million last year—the company’s stock performance was not in the top five of the S&P 500 last year. It wasn’t even in the top 100. In the past year, shares of General Growth GGP 1.29% are up just 0.7%, making it the 190th-best-performing stock in the index.Nonetheless, General Growth’s board decided to pay Mathrani just over $39 million for 2015, an increase of $34 million from the year before, or 702%. Mathrani’s pay raise—roughly equivalent to what 797 average full-time American workers earn collectively in one year—was the biggest in 2015 of any CEO in the S&P 500 who had been in that role since at least January 2015, according to data from research firm MyLogIQ.
General Growth Compensation committee: MARY LOU FIALA, Co-Chairman of LOFT Unlimited, J. BRUCE FLATT (Chairman), Chief Executive Officer and Senior Managing Partner of Brookfield Asset Management Inc., JOHN K. HALEY, Retired Partner of Ernst & Young LLP