A CEO whose compensation package tripled last year earned more than the company he runs. Bloomberg reports that Scott Scherr, chief executive officer of Ultimate Software Group Inc., earned $38.3 million last year, based on a recent filing.
“That’s far higher than his rivals and more than the company earned itself,” the story reports. “It even tops the compensation of Microsoft’s Satya Nadella, who runs a firm 140 times the size of Ultimate.”
Whether Scherr is worth the money is a subject of debate, the report says, noting that proxy advisers have urged shareholders to vote against the company’s pay practices.
On the other hand, the report notes that “under Scherr, Ultimate’s shares are up more than 1,000 percent since the end of 2008 (roughly 43 percent a year), triple the average return of its competition and easily trouncing the market.”