As the coronavirus pandemic ravaged the ride-hailing industry and gig workers in the U.S. relied on emergency government assistance like pandemic unemployment insurance, Uber Technologies Inc. executives took home considerably less in 2020 than in previous years, though their compensation still totaled millions of dollars.
In 2019, Khosrowshahi’s total compensation was $42.4 million. But in May of last year, as the company laid off more than 6,000 employees, or 25% of its workforce, and closed or consolidated dozens of offices, he agreed to waive his base salary for the rest of the year. His base salary, which was supposed to be $1 million, totaled $336,598. The rest of his compensation was from stock awards, a bonus and other costs, including security.
The CEO, who is a high-profile target of protesting drivers and other workers, was provided with security staff, technology equipment and services at his home that were meant to duplicate the security he would’ve been provided at the company’s headquarters, according to the proxy. The “other” compensation that included security for him totaled $848,707.
Chief Financial Officer Nelson Chai’s total 2020 compensation was $11.64 million, while that of Jill Hazelbaker, senior vice president of marketing and public affairs, was $12.61 million. Tony West, chief legal officer, took home $12.3 million, while Nikki Krishnamurthy, chief people officer, had $5.18 million in compensation. The compensation for former Chief Technology Officer Thuan Pham, who left the company last May, was $5.49 million.
The San Francisco company’s executives all took home reduced bonuses in 2020. Uber’s board determined that the executives were “called upon to provide strong and unwavering leadership throughout the COVID-19 crisis,” but that the bonuses would be based only on the board’s assessment of a 78% level of achievement of performance targets. Because of that, Khosrowshahi’s target incentive of $2 million was reduced to $1.56 million. Reduced bonuses for Chai, Hazelbaker, West and Krishnamurthy were $624,000, $487,500, $624,000 and $429,000, respectively.
According to the proxy, Uber will hold its 2021 shareholder meeting May 10.