In a Hot Job Market, Companies Hand Out Big Awards to Retain Key Executives

. Equity awards made up about two-thirds of the packages and more for the highest-paid chief executives.

Chief Executive James Quincey, who under the program is eligible for the largest award, could receive a maximum $6.4 million if the companyby the end of this year. Mr. Quincey last year received total compensation of $24.9 million, a figure that includes the one-time stock grant, or 35% more than a year earlier. The company declined to comment beyond its proxy filing.

The way retention awards are disclosed in corporate pay disclosures makes it difficult to identify every instance of a retention award provided to an executive officer. Mercer, a consulting firm, identified 44 such awards granted in the 2021 fiscal year in a sample of 233 companies within the S&P 500. Most of the awards were provided to individuals or to a small group of executive officers, rather than to entire leadership teams.

Technology company Hewlett Packard Enterprise said this year it provided its CFO, Tarek Robbiati, with a one-time equity award of $7.5 million, which includes both restricted and performance-adjusted stock. The award—provided solely to Mr. Robbiati, who has served as CFO since 2018, in addition to other increases in his salary and incentive pay—was meant to “promote his continued engagement during a very complicated multi-year strategic transformation,” the company said in its proxy filing.

Some companies during the 2021 fiscal year offered stock awards intended to replace compensation that executives lost out on early in the pandemic. The awards followed efforts by companies in 2020to demonstrate solidarity with investors and employees during early-pandemic layoffs. Under the program, Chairman John Tyson, who received the largest award, received 17,781 shares with an estimated grant value of about $1.1 million. Mr. Tyson earned total compensation of $13.7 million during the 2021 fiscal year, up 22% from a year earlier.

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