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Facebook CEO's compensation jumps to $8.9 million as security costs soar

Reuters 

By and David Ingram

(Reuters) - Chief Executive Mark Zuckerberg's compensation rose 53.5 percent to $8.9 million in 2017, a regulatory filing showed (https://www.sec.gov/Archives/edgar/data/1326801/000132680118000022/facebook2018definitiveprox.htm) on Friday, largely due to higher costs related to the 33-year old billionaire's personal security.

About 83 percent of the compensation represented security-related expenses, while most of the rest were tied to Zuckerberg's personal usage of private aircraft.

Zuckerberg spent much of last year travelling after he pledged to visit all the U.S. states that he had not previously been to.

His security expenses climbed to $7.3 million in 2017 from $4.9 million a year earlier.

Menlo Park, California-based Facebook paid to buy, install and maintain security measures for Zuckerberg's personal residences, which include properties in and Palo Alto, the filing showed.

The Facebook board's compensation committee authorized Zuckerberg's security programme, the filing said, "to address safety concerns due to specific threats to his safety arising directly as a result of his position as our founder, Chairman, and CEO."

Zuckerberg's base salary was unchanged at $1, while his total voting power at Facebook rose marginally to 59.9 percent.

Facebook, which has consistently reported stronger-than-expected earnings over the past two years, has faced public outcry over its role in Russia's alleged influence over the 2016 U.S.

Earlier this week, Zuckerberg emerged largely unscathed after facing hours of questioning from U.S. lawmakers on how the personal information of several million Facebook users might have been improperly shared with political consultancy Cambridge Analytica.

(Reporting by in Bengaluru and in San Francisco; Editing by and Richard Chang)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, April 14 2018. 04:41 IST
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