The average worker doesn’t expect a big raise when they fail to meet performance targets. But one CEO got an extra $34 million this year after a less-than-stellar effort.
Sandeep Mathrani, CEO of mall owner General Growth Properties, received a compensation package totaling $39 million in 2015, Fortune reports. That’s an increase of more than 700% from the $5 million he got in 2014. Most of that money is tied up in $20 million worth of restricted stock, which doesn’t vest until 2020.
However, Marthrani also received a performance-based cash bonus of $3 million, even though his company missed targets for occupancy rates and a key earnings metric. The board said the missed targets were due to retailer bankruptcies, not Marthrani’s leadership.
Meanwhile, Apple CEO Tim Cook, whose company had the most profitable quarter ever for a U.S. firm in 2015, saw his compensation increase only $1 million, reaching almost $10.3 million — or less than a third of Mathrani’s package. (That doesn’t include the roughly $64 million worth of Apple stock Cook was given in 2011 which were earmarked for 2015.)