David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.
Adam Galacia | CNBC
Goldman Sachs CEO David Solomon got a 20% raise to $27.5 million for his work leading the bank in 2019.
His pay package includes a $2 million annual salary, $7.65 million in a cash bonus, and $17.85 million in performance-linked stock units, the New York-based company disclosed Friday in a filing.
The bank said that Solomon earned a raise from his 2018 compensation of $23 million because he “successfully executed on his priorities in his first full year” leading Goldman, including unveiling a strategic overhaul at the firm’s first investor day in January.
“He led our development of the firm’s three-year business plan and a clear long-term strategy that leverages our foundational advantages, enhances the firm’s long-term mindset and instills a culture of innovation,” the bank said. He also “excelled as a skilled spokesman for the firm both internally and externally,” the firm said.
Solomon was named CEO in October 2018. The bank said at the time that some of his stock rewards were subject to clawback, depending on the results of an investigation into the bank’s 1MDB scandal.
This story is developing. Please check back for updates.