Top BlackRock executive benefits from unusual ‘points-style’ bonus pay

Quick Summary:

The BlackRock board started the retirement pot for Kapito in 2019 “to promote his long-term retention and drive future growth”, according to its 2020 proxy statement.

Kapito, who has been second-in-command to chief executive Larry Fink since 2007, is the only executive named in BlackRock’s annual filings who benefits from the plan.

The pot’s potential value doubled from $9.7mn at the end of 2022 to $20.3mn at the end of last year, and it was not included in Kapito’s pay of $20.25mn for 2023, which was disclosed in the 2024 proxy statement.

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Article Details

Author / Journalist: Brooke Masters

Category: MarketsFinanceInvesting

Markets: United States

Topics: Financial Kapito Private Executive Proxy Blackrock 2024 Blackrock’s Plan Kapito’s Funds

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-31 @ 04:00:07 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 862 words

Reading Time: 5 minutes read

Sentences: 38 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21866517

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