Chief executives of the nation’s largest public companies took home some truly monumental pay packages last year, but you won’t find any of the Tampa Bay area’s CEOs anywhere near the top of that heap.
A recent Associated Press survey of 329 companies nationwide found the median pay package for the CEO of an S&P 500 company was $12.3 million, meaning half made more and half made less. Around the bay area, only Raymond James Financial chief executive officer Paul Reilly ended up in the upper half of that group, and not by much.
Of course, the list of big publicly traded companies around Tampa Bay is short. Only Raymond James and The Mosaic Co., based in Tampa, are on the S&P 500 index, which is meant to reflect the economy as a whole but includes plenty of companies with large stock market values. Jabil used to be on the index, but was taken off in 2014.
The CEOs of the 10 biggest publicly traded companies in the region make up a club whose members change from year to year.
Consider: The group no longer includes WellCare Health Plans of Tampa, where chief executive Ken Burdick made nearly $12.7 million in 2018. That was more than any other CEO in the region.
But early this year, Centene Corp. closed on a $17 billion purchase of WellCare. Burdick became Centene’s executive vice president of markets and products, and with the change his pay package is no longer reported in filings to Centene’s shareholders and the U.S. Securities and Exchange Commission.
Assuming that Apollo Global Management closes on its $6 billion purchase of Tech Data, something expected to happen as soon as the end of this month, Tech Data likewise will become a privately held company and will drop off the list.
Another change: With David Deno succeeding Liz Smith as CEO at Bloomin’ Brands last year, the group is now all white men.
Of course, the biggest thing shaking up local companies and, potentially, CEO compensation, is the COVID-19 pandemic. Deno said in April he had suspended his salary. Jabil announced last month that its executive team would take 25 percent salary cuts through Nov. 30 and forgo short-term incentive bonuses this year as a result of the pandemic. At Primo Water, formerly Cott Corp., the CEO, board members and senior management are taking a 30 percent pay cut in the second quarter.
More than the salaries, which are often a fraction of the overall pay package, a loss of bonuses could have a big impact on CEO compensation this year. Awards of stock and incentive pay for meeting short- and long-term performance goals can be several times as large as the base salaries. If a company’s performance suffers, so will those bonuses.
Here’s a look at CEO pay during 2019 for 10 of the bay area’s biggest publicly traded companies, based on information in their proxy statements and annual reports:
Paul Reilly, $13,090,394
Raymond James Financial, St. Petersburg
Reilly has led Raymond James Financial, which had 2019 net revenue of $7.74 billion, a record, since 2010.
Stock awards: $6,453,332
Employees: 12,406, with 11,161 in the U.S. (5,246 of them in the Tampa Bay area).
Median employee salary: $94,864
CEO to median employee pay ratio: 138 to 1
Mark Mondello, $11,412,435
Jabil, St. Petersburg
Mondello has been chief executive officer at Jabil since 2013. The company manufacturers electronics, health care devices, mobile phone components, consumer and industrial goods and a lot more in a network of factories that spans the globe. The company’s 2019 revenues were $25.3 billion.
Stock awards: $8,140,831
Non-equity incentive pay: $2,050,313
Employees: Jabil typically says it has more than 200,000 employees worldwide, but for the purpose of calculating the ratio of CEO pay to median worker pay, a task required by federal law, it considered a population of 128,715 employees, more than 93 percent of them outside the U.S.
Median employee salary: $7,109
CEO pay to median employee pay ratio: 1,605 to 1
James “Joc” O’Rourke, $9,767,104
The Mosaic Co., Tampa
O’Rourke has been president and chief executive officer of Mosaic, a global fertilizer company that moved its headquarters from a suburb of Minneapolis to downtown Tampa last year, since 2015. Mosaic had $8.9 billion in net sales in 2019.
Stock awards: $7,203,457
Non-equity compensation: $817,500
Employees: 13,673. Of its 3,997 U.S. employees, about 3,000 work in central Florida.
Median employee salary: $37,234
CEO to median employee pay ratio: 262 to 1
David Deno, $7,980,859
Bloomin’ Brands, Tampa
Deno joined Bloomin’ Brands, the parent company of restaurant chains like Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, as chief financial officer in 2002 and was named chief executive officer in April 2019, succeeding Liz Smith. The company had $4.1 billion in revenue in 2019.
Stock and option awards: $5,975,029
Non-equity incentive: $1,162,131
Employees: 84,589, with 73,663 in the U.S.
Median employee salary: $14,302
CEO to median employee pay ratio: 558 to 1
David L. Dunkel, $7,060,801
Dunkel has been chief executive officer at Kforce, which provides business and information technology staffing to other companies, since Kforce was incorporated in 1994, and before that he was the CEO of a Kforce predecessor company for 14 years. The company had $1.35 billion in revenue in 2019.
Stock awards: $2,625,004
Non-equity incentive pay: $1,756,250
Change in pension value and deferred compensation earnings: $1,686,114
Employees: 2,300 associates, plus about 10,600 consultants of whom about 90 percent are employed directly by Kforce. The rest are independent contractors. Kforce employs more than 600 people in the Tampa Bay area.
Median employee salary: $37,906
CEO to median employee pay ratio: 186 to 1
Richard T. “Rich” Hume, $5,549,015
Tech Data, Largo
Hume has been Tech Data’s chief executive officer since June 2018. During that time, the company negotiated a $6 billion merger with Apollo Global Management that would take Tech Data private. The deal could close as soon as this month. The company had $37 billion in net sales last year.
Stock awards: $2,842,402
Non-equity incentive pay: $1,697,069
Employees: 15,000 in 40 countries on five continents. About 2,000 are at its Pinellas County headquarters.
Median employee salary: $56,988
CEO pay to median employee pay ratio: 98 to 1
Charles E. “Chuck” Sykes, $4,431,520
Sykes Enterprises, Tampa
Sykes has been president and chief executive officer of Sykes Enterprises since 2004. The company provides customer engagement services for clients mainly in the financial services, communications, technology, transportation, leisure and health care industries. It had $1.615 billion in revenues in 2019.
Stock awards: $2,962,008
Non-equity incentive pay: $668,231
Median employee salary: $9,594
CEO pay to median employee pay ratio: 462 to 1
William C. “Bill” Johnson, $4,345,448
Welbilt, New Port Richey
Johnson became president and chief executive officer of Welbilt, a manufacturer of commercial food service equipment, in November 2018. The company has its headquarters in Pasco County and has 20 factories around the world. The company had $1.59 billion in net sales in 2019.
Stock and option awards: $2,623,913
Non-equity incentive pay: $451,902
Median employee salary: $49,745
CEO to median employee pay ratio: 87 to 1
Thomas J. Harrington, $4,106,760
Primo Water Corp., Tampa
Until early this year, Primo was known as Cott Corp., a bottler and distributor of carbonated sodas like RC Cola. The company changed its name to Primo Water Corp. as part of a move toward a business model focused on delivering bottled and filtered water to commercial and residential customers. The company had $1.8 billion in revenue in 2019.
Stock, options and stock appreciation rights awards: $2,500,000
Non-equity incentive pay: $731,000
Employees: 10,400. Primo and one of its subsidiaries have 93 employees in the Tampa Bay area and another 409 in Lakeland.
Median employee salary: $45,056
CEO to median employee pay ratio: 91 to 1
Howard C. Heckes, $2,706,067
Masonite International Corp., Tampa
Heckes became president and chief executive officer of Masonite, a manufacturer of doors based in Tampa, in June 2019. The company sold about 32 million doors to 8,500 customers in 60 countries in 2019, generating net sales of $2.17 billion. Heckes’ 2019 compensation reflects that he wasn’t in the job for an entire year, but the company annualized most components of his compensation for the year — and thus ended up using a total compensation figure that was higher than the total listed here — to calculate the ratio of CEO to median employee pay.
Bonus and non-equity incentive pay: $1,134,485
Stock and option awards: $999,982
Employees: 9,600, with 5,627 in the U.S.
Median employee compensation: $42,870
CEO to median employee pay ratio: 89 to 1