Vijay Manthripragada, CEO and director at Montrose Environmental Group Inc. of North Little Rock, saw his total compensation skyrocket to $58.4 million in 2021 compared to just $4.7 million in 2020.
He, like all of the company’s named executives, saw a big boost in the form of stock awards. None of them received stock awards in 2020.
This news follows Montrose seeing a 66.5% year-over-year increase in revenue for 2021 and narrowing its annual loss to $25.3 million from $57.9 million.
Manthripragada’s 2021 compensation included $42.2 million in stock awards and $14.9 million in option awards, according to a proxy statement the company (NYSE: MEG) filed with the U.S. Securities & Exchange Commission. Manthripragada’s option awards in 2020 totaled $1.44 million.
The salary for the company’s highest-paid executive, however, increased only slightly, to $600,000 from $595,833. Manthripragada also received $638,380 in non-equity incentive plan compensation, which was down from $2.69 million in 2020.
The company reported compensation for four other named executives, all of whom saw a large increase in total compensation but did not see their base salary of $400,000 change from 2020 to 2021. All four received $5.6 million in option awards, up from $719,453, and $159,595 in non-equity incentive plan compensation, down from $1.2 million.
- Both Joshua M. LeMaire, chief operating officer, and Jose M. Revuelta, chief strategy officer, received total compensation of $21.9 million, up from $2.3 million in 2020. They received stock awards of $15.7 million.
- Both CFO Allan Dicks and Nasym Afsari, general counsel and secretary, received total compensation of $21.3 million, up from $2.3 million in 2020. They received stock awards of $15.1 million.
In addition, the company announced that its annual shareholders meeting will be held virtually at 9 a.m. on May 10.
The agenda includes electing the three directors to its board — J. Thomas Presby, James K. Price and Janet Risi Field — and reappointing Deloitte & Touche LLP as independent auditor.