By Kevin McCauley
MDC Partners CEO Miles Nadal collected $23.8M in total compensation last year, up from $6.3M in 2010, according to the ad/PR firm’s proxy for its June 5 annual meeting slated for New York’s Plaza Hotel.
At $17.4M, stock awards accounted for the bulk of Nadal’s package. MDC posted a net loss of $76.9M in 2011. It lost $5.4M during 2010.
Jim Edwards, ad columnist of Business Insider, noted that Nadal is the richest CEO in adland, topping pay received by WPP’s Martin Sorrell, Omnicom’s John Wren and Interpublic’s Michael Roth, heads of multinationals that dwarf MDC’s $943M 2011 revenues.
Clare Copeland, the 76-year-old CEO of Falls Management Co., a commercial development and casino operator in Niagara Falls, Ont., chairs MDC’s compensation committee.
The pay panel, according to the proxy, bolstered Nadal’s compensation to recognize that he “has built a business that is truly unique in its approach to marketing communications, which has translated into significant market share gains, a strong pipeline of new business, and over the past seven years, strong financial performance on revenue, organic revenue, earnings, and cash flow.”
Nadal’s contract includes a clause that grants a special $10M bonus in the event that MDC is acquired or if its stock trades for at least $30 a share for more than 20 consecutive trading days.
MDC shares are now at $10.48. They traded from $9.40 to $20.99 during the past year.
|