That’s the total of all five executives, according to an SEC filing Tuesday, as the company gets ready for its annual shareholders meeting on June 1 in Oakland. Former CEO Brian McAndrews (pictured) was top earner taking home $6.5 million.
McAndrews was paid a base salary of $545,833, he made a $385,550 bonus, and was awarded $5.6 million in stock awards. McAndrews was replaced by founder Tim Westergren suddenly on March 28. The filing also shows that McAndrews made over $29 million in 2013, which would bring his three-year total at the company to $36,651,838.
Worth noting, in determining salaries for its top executives, Pandora compares itself to technology companies. Not a single radio company is mentioned as a peer. They compare themselves to GoDaddy, Web.com, TripAdvisor and Yelp to name a few.
Chief Revenue Officer John Trimble was paid a base salary of $400,000, made an $84,120 bonus, and took home over $2.1 million in stock awards for a total of $2.58 million. CFO Michael Herring made $387,917 in 2015 plus a $164,000 bonus and $2.1 million in stock awards for a total of $2.655 million. Chief Strategy Officer Sara Clemens made a base salary of $368,333 plus a bonus of $130,000. Stock awards of $2.1 million in 2015 brought Clemens’ total take to $2.6 million. And Chief Marketing Officer Simon Flemming-Wood was paid $334,167 in 2015. A bonus of $117,418 and stock awards over $1.58 million brought Woods up to a total of just over $2 million.
According to TechCrunch Pandora’s 2015 revenue was up 25% year-over-year, but the company lost $169 million in that time and $19.4 million in Q4 2015. Guidance for 2016 is $1.4 billion to $1.42 billion in revenue with an adjusted EBITDA loss expectation between $60 million and $80 million. Here’s a look at the Pandora stock over the passed 18 months (Source: NASDAQ).
Well, there you go, Phil – throwing actual facts around just to spoil a perfectly legitimate trash-party.
Harumph! 🙂
Gotta love the commentary from the peanut gallery/radio elite. How much did Bob Pitman, CEO of iHeart media, make last year? And how much did THEY lose? 22B in debt but he gets a private jet? Radio companies are dying on the vine, I just find it hilarious that everyone in radio seems completely ignorant to the fact. How is Cumulus stock doing? Emmis? If radio was doing so well CBS would not be in the block, per their own CEO.
Who said Clear Channel or any of the other big guy are any different from Pandora? They are selling a stock too. The small guys and smart guys like Larry Wison will be buying radio stations at 6 or 7 times cash flow that the big guys bought at 10 or 11. And Radio has always been a cash flow king.
And if you think CBS is selling because they aren’t “doing well”, then you obviously know nothing about radio and/or finance. I won’t begin to school you on Wall Street, debt and “unlocking shareholder value”.
15 years in Radio sales taught me a thing or two, but towards the end I was losing my edge. No one around me wanted to grow, and everyone was drinking the “complacency kool aid” and completely ignoring what was going on around them. I did not fully realize it until I left, but as an outside salesperson I was getting my lunch eaten by the hundreds of new ways advertisers can reach a relevant audience. They are not limited to TV, Print and Radio anymore. Paid search, Google Display, Facebook, the list goes on. I did not say CBS was not doing well, I did not even say CBS Radio was not doing well (better than most radio co’s). I said RADIO in general was not doing well, and that points to why CBS RADIO is on the block. the health of radio can’t be denied. it’s stage 4, terminal. the “small guys and smart guys” are few are far between and i don’t see a ton of them investing in radio right now. If Les Moonves saw a bright outlook and future in radio, it would not be for sale. but please, school away on wall street. I need all the help i can get in that department. just dont tell me to invest in a radio stock (other than CBS that is).
A friend who works at iHeart NY says that Pittman has a really cool device outside the long hallway to his office, a fog machine he uses with lighting effects & music to impress investors and artists. $22B in debt, iHeart is scrambling to re-finance. As a writer for Bloomberg wrote, kind of like burning the sofa to heat the house. https://www.bloomberg.com/news/articles/2016-02-04/private-equity-s-iheart-radio-chokes-on-debt-load-it-can-t-repay
A friend who works at PANDORA in San Fran tells me all employees sit in cubes in an open air space and even the founder Tim Westergren is in a cube. Apparently the rule is ‘check your ego at the door.’ ZERO debt.
Hmmm. Their house is pretty warm I bet.
That’s pretty good and the best part is they are relieved of the sordid task of actually having to make money. It’s good when your selling a stock and not a product.
What is it, again, that Pandora actually does?
Oh. Really?!
And this guy gets paid how much?
I missed my calling – again.
EBITDA, EBITDA, EBITDA…that’s all folks.
Sorry. I had to do it :/
Lots of “CEOs” just sit back and collect like this chump did till the shareholders realized that he was just taking a big fat salary while Pandodo was slipping. Take the money and run, McAndrews.