Perella Bosses Get Shot at $100 Million in Stock on Bumper Year
(Bloomberg) -- Perella Weinberg Partners has awarded its top three executive officers stock awards worth about $100 million as the investment bank tallies a record haul from deal-making.
Chief Executive Officer Peter Weinberg and the firm’s co-presidents, Dietrich Becker and Andrew Bednar, were granted long-term stock awards that will pay out over five years, according to a regulatory filing. Based on the closing price of Perella’s stock on Thursday, Weinberg’s awards are worth more than $40 million, while his two deputies received awards worth more than $60 million combined. The awards are conditional on performance and are tied to stock price targets.
Perella Weinberg is also raising pay for its staff with total compensation, which includes fixed pay and bonuses, rising more than 50%. The company said in its filing Thursday that it expects revenue for the year will probably jump about 55% to more than $800 million for the year, the most ever for the company as mergers, acquisitions and other related transactions continue at a record pace.
Wall Street’s top executives have been made eligible for millions of dollars worth of awards as performance has soared. Goldman Sachs Group Inc. said in October its top two executives would get a special award translating to more than $50 million at the bank’s then share price, while JPMorgan Chase & Co. granted its president an award worth $25 million at the time of its reveal. The bank’s CEO also was granted a special award to stick around for a significant time longer.
Perella Weinberg also revealed millions more worth of founders shares for the three executives, who were pivotal to building the company since its 2006 founding. The firm went public last year through a merger with a blank check firm.
©2022 Bloomberg L.P.