Mel Karmazin, who thinks he's vastly underpaid, earned $10.7 million in 2011 for his services as CEO of Sirius XM Radio, nearly $1 million more than he was paid the prior year but down significantly from the $43.5 million he was paid in 2009, courtesy of $35.2 million in stock options that year.
According to a filing with the SEC on Wednesday, Karmazin's base salary was unchanged year-over-year at $1.5 million, though his bonus rose to $9.2 million from $8.4 million a year ago. He also earned $7,350 in matching 401(k) contributions each year.
Karmazin's 8 percent boost in pay came during a year when shares of Sirius XM rose 12 percent, though, as Forbes magazine noted when it named Karmazin a "laggard" in its annual ranking of CEOs, the stock has fallen about 80 percent since he was named CEO in 2004. Karmazin's earnings hike in 2011 mirrors the increase in subscribers, which rose 8 percent in 2011 to 21.9 million.
The executive who earned the most money in 2011 was CFO David Frear with $20. 8 million, up from $3.4 million the year prior. The gigantic boost was due to $18.9 million in stock options.
Chief content officer Scott Greenstein earned $2.3 million, up from $2.1 million; president of operations and sales James Meyer earned $3.1 million, up from $2.8 million; chief administrative officer Dara Altman made $8.7 million, up from $1.9 million ($7.5 million came from stock options in 2011); and general counsel Patrick Donnelly made $1.6 million, down from $7.5 million ($6 million came from stock options in 2010).