WeWork Inc. disclosed Thursday that Chief Executive Sandeep Mathrani total compensation for 2021 was nearly triple that of 2020, boosted by more than $19 million in cash bonuses and stock awards. Mathrani became CEO of WeWork in February 2020, and chairman in March 2022. In the co-working space rental company’s 2021 proxy statement, the company said Mathrani’s total compensation last year was $21.31 million, including $1.50 million in salary, a $10.75 million cash incentive bonus and $8.72 million in stock awards. There were also option awards valued at $332,294 and all other compensation of $1,800. That compares with 2020 total compensation of $7.54 million, which included $1.28 million in salary, a $1.50 million cash bonus, no stock awards and $4.76 million worth of option awards. Shares of WeWork, which went public in October 2021 after its merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. closed, dropped 4.6% in afternoon trading. They have sunk 27.2% year to date, while the S&P 500 has slipped 5.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
