Figures released on Monday reveal that the sudden departure of eBay CEO Devin Wenig in September 2019 proved costly for the company beyond his $57 million exit package that year. In 2020, eBay had two CEOs: an interim chief executive and a permanent replacement. Together the pair’s compensation totaled nearly $80 million in 2020.
Jamie Iannone became CEO of eBay on April 27 of last year, receiving total compensation of $35,153,379 in 2020. Scott Schenkel, who had served as the Interim CEO and left the company on June 19, 2020, received total compensation of $42,798,223 in 2020. (Schenkel served as Senior Advisor from late April through mid-June.)
Prior to 2019, eBay’s CEO earned $18.17 million in total compensation in 2018, $17.67 million in 2017, and $15.94 million in 2016. The jump from $18.17 million in 2018 to $77.95 million in 2020 is 329%.
Companies often entice new CEOs with bonuses and equity awards, and upon their departure, cash in their stock awards, which inflate the regular annual total compensation figures.
In a footnote, eBay revealed Iannone’s 2020 compensation figure included $53,063 for “personal airplane usage” and security and IT support in the amount of $24,075. Unlike their predecessor, there’s no mention of “Secured chauffeured transportation” for Iannone or Schenkel.
Another executive whose employment terminated on December 16, 2020 added to eBay’s executive compensation costs. Senior Vice President of Global Operations Wendy Jones received $16 million in total compensation in 2020, of which $11.7 million was a severance payment in exchange for her execution and non-revocation of a release of claims against the company.
The remaining four named executive officers (NEOs) earned total compensation ranging between $4.3 million and $7.4 million in 2020.
You can find eBay’s filing on the SEC.gov website.
Edited for clarity on 4/27/2021.