BlackRock CEO Larry Fink's pay rises 14% to $30.8 million in 2024

By Silla Brush

 

BlackRock Inc. Chief Executive Officer Larry Fink received $30.8 million in compensation for 2024, a 14 per cent increase from a year earlier as the world’s largest asset manager expanded further into private investments. 

President Rob Kapito, 68, was awarded $21.8 million, and Chief Financial Officer Martin Small received $9.5 million, according to a proxy filing Friday. Chief Operating Officer Rob Goldstein was paid $13.1 million.

 

The value of Kapito’s share of a retention award tied to private-market funds rose to $25.3 million at year end from $20.3 million at the end of 2023.

 

In February, BlackRock said it was awarding Fink, 72, additional pay perks known as carried interest tied to its push into private markets. The carry incentive is subject to a multiyear vesting schedule with the CEO giving up unvested compensation if he leaves the firm.

 

The additional pay perks reflect BlackRock’s commitment to private markets, as does a trio of recent acquisitions. Over the past 14 months, BlackRock committed $12.5 billion to buy Global Infrastructure Partners and £2.55 billion ($3.3 billion) for data firm Preqin. It’s in the process of completing a $12 billion acquisition of private credit firm HPS Investment Partners. 

 

BlackRock, which hasn’t named a successor to Fink, has also been doling out longterm incentive pay to retain its top brass.