The Goldman Sachs chief executive is being offered a bonus of $30 million and the chief operating officer $20 million, in an extent that a shareholder advisory firm called “excessive”.
David Solomon, CEO, and John Waldron, COO, will have their one-off bonuses approved or denied by shareholders on April 28.
Glass Lewis, a firm that advises shareholders, told them to vote against the massive payout, according to a memo obtained by the Financial Times.
“We are concerned about the special, one-time grants to the CEO and COO,” Glass Lewis said.
“These rewards have the potential to undermine the integrity of a company’s regular incentive plans, the link between pay and performance, or both.”
Goldman Sachs CEO David Solomon is in line for a $30 million bonus. He is pictured as a DJ – a passion he has nurtured despite his day job
Solomon, 60, took over as CEO in October 2018
Goldman insisted, the New York Post reported, that the payout “will drive the creation of long-term shareholder value” and “ensure continuity of leadership over the next five-plus years.”
The multi-million dollar equity awards won’t be paid out until October 2026.
Solomon, 60, receives an annual base salary of $2 million and variable compensation of $33 million, 70% of which is in the form of goal-based equity compensation or restricted stock units .
The pay is similar to that of its rivals.
Morgan Stanley CEO James Gorman also raised $35 million for 2021.
JPMorgan Chase CEO Jamie Dimon’s total compensation in 2021 was $34.5 million.
Solomon is notable among his peers for his sidegig as a DJ.
The New York-born financial titan performs a set at Chicago’s Lollapalooza Festival in July, alongside artists like Dua Lipa, Metallica and J. Cole.
He started DJing in 2017 and released a cover of Fleetwood Mac’s “Don’t Stop” in 2018.
He then founded his own label, Payback Records, and DJed alongside Paul Oakenfold and David Guetta.
When asked by dance magazine EDM.com about the biggest misconception about dance music, he replied, “That it’s only for millennials and Gen Z.”
In June, Solomon posted this video on Instagram of himself mixing at a party
Solomon has DJed at parties in the Bahamas and the Hamptons – where he owns homes – and at a Sports Illustrated Super Bowl party in February at Century Park in Los Angeles, with Jeff Bezos in attendance.
“He shows up with a backpack, t-shirt, jeans, sneakers,” said Michael Heller, co-founder of Talent Resources Sports, who co-hosted the party alongside Sports’ parent company. Illustrated.
“After dark, he’s a different person, so free-spirited.”
In December, Solomon told a podcast that his hobby “helps him relax.”
“I have this analytical side of my mind that helps me in my professional career,” Solomon told The Sound of Success with Nic Harcourt.
“But I haven’t had a lot of opportunities to stimulate the artistic creative side of my brain, and that feels good to me.”
Solomon – a divorced father of two grown daughters – is also a fitness fanatic and adrenaline junkie.
Salomon is pictured with his wife Mary in 2011. The couple divorced in 2018
The CEO is pictured DJing in the Bahamas, where he has a home
Solomon posted this photo on Instagram in November, captioned: “Keep an ear out for the VIP mix of my song ‘Dreaming feat. SMBDY” on @SXMElectro. Thanks to @ridanaser @geronimobpm for your continued support’
‘He is biking. He turns. He is running. He skis. He plays golf. He does kitesurfing. (He earned his wings at a kiteboarding boot camp on the North Carolina coast.) He scuba dives. He is hiking. He’s at the gym every morning at six o’clock with his trainer,’ reported a Vanity Fair profile.
“He’s been known to walk the uninterrupted sidewalk on the east side of Central Park West on weekends, wearing his headset, taking one conference call after another.”
Solomon told the magazine, “When I take an interest in something, I try to do it at a very, very high level.
“I like to accomplish things.”
Solomon grew up in upstate New York, in Westchester – his father owned a small printing business and his mother sold hearing aids.
Salomon married Mary in 1989, when they were both 27.
They divorced in 2018.
The couple had lived in San Remo on Manhattan’s Upper West Side since 2002, but the four-bedroom, 5.5-bathroom apartment with nearly 65 feet of Central Park frontage sold for $24 million in 2016.
Solomon and his wife lived from 2002 to 2016 in an apartment in San Remo (pictured), which they sold for $24million
In October, Solomon sold his cabin in the ski resort of Aspen, Colorado for $26.5 million.
The finance mogul also owns a home in East Hampton (pictured)
Solomon flies between his properties in his Gulfstream G280 jet, which can be bought new for $25 million
The 12-bedroom property had a formal dining room, library and 1,000-bottle air-conditioned wine storage – Solomon is famous for its fine wine collection.
In October 2018, a former assistant accused of stealing $1.2 million worth of wine from Solomon jumped to death before he could stand trial.
Solomon is now believed to be living in a Soho penthouse, which he reportedly bought in 2018 for $13.5million, and where he hosts dinner parties on Wednesday nights.
He also has a mansion in the Hamptons and a beach house in the Bahamas.
He owned a cabin in the ski resort of Aspen, Colorado, but sold it in October 2020 for $26.5 million.
Solomon flies between his properties in his private Gulfstream jet, with the tail sign “WS”, for Wall Street.
But in December 2019, he revealed that he still takes the subway in New York.
“I mean, why don’t you take the subway?” he said to Fortune.
‘No seriously. It’s faster and more efficient. You know, the mayor of New York can take the subway. Why not the CEO of Goldman Sachs? »