The bump came mostly from option awards which Starz‘s former parent, Liberty Media, was eager to award last year. The company feared that the feds might tinker with the corporate tax deduction for performance-based pay “in response to the widespread ‘fiscal cliff’ concerns,” Starz says in its first proxy as an independent company, filed today at the SEC. Liberty spun it off in January. CEO Chris Albrecht‘s package consisted of $1M salary, $100,000 bonus, $11M in option awards, $750,000 in non-equity incentives, and $25,834 in other compensation. His total is 7.8 times the median for Starz’s other top executives, well above the level that causes concern among corporate governance activists that the CEO wields too much power. Liberty Chairman John Malone controls about 42.8% of Starz’s voting stock with additional shares held by allies Robert Bennett (3.2%) and Comcast (3.2%). That should make short work of the company’s annual meeting, to be held June 6 in Beverly Hills.
- Liberty Media