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Plug Power CEO's 2022 pay falls below $1 million from
above $52 million in 2021
May 17, 2023
By Tomi Kilgore
CEO Andrew Marsh didn’t receive a bonus, stock awards or option awards
last year, after nearly $51 million in option awards the year before
Plug Power CEO Andrew Marsh (far left), Eco Wave Power
founder and CEO Inna Braverman, Clearloop CEO Laura Zapata and
Gradient CEO Vince Romanin attend Vox Media’s 2022 Code Conference in
Beverly Hills, Calif.
GETTY
IMAGES
Plug Power Inc. Chief Executive Officer Andrew Marsh’s total
compensation in 2022 plunged about 99% from the year before to below
$800,000, just as the fuel-cell company’s stock had its worst year in
10 years.
In the 2022 proxy statement filed late Monday, the company PLUG, 7.46% said
Marsh’s total compensation was $766,555, made up of $750,000 in base
salary and $16,555 in “all other compensation,” which included $15,250
in matching contributions for the 401(k) saving plans and $1,305 for
life insurance premiums.
That’s down from $52.25 million in
2021, which included the same $750,000 base salary, but also $50.80
million in option awards and $682,500 in nonequity-incentive plan
compensation. In 2020, Marsh’s total compensation was $13.63
million.
In 2022, Plug reported net losses that widened 57.4% from the year
before to $723.17 million, even as revenue increased 39.6% to
$701.44 million. (Read more about Plug’s results for the first
quarter of 2023 and the fourth
quarter of 2022.)
CEO Marsh’s 2022 compensation was 12.5 times the median compensation
of its employees, including full-time, part-time, seasonal and
temporary employees, of $61,163. That compares with the 2021 CEO pay
ratio of 916-to-1, and the 2020 pay ratio of 203-to-1.
Meanwhile, the stock sank 56.2% in 2022, the biggest yearly selloff
since it plummeted 75.5% in 2012. It had dropped 16.8% in 2021 after
skyrocketing 973.1% in 2020.
On Tuesday, the stock slumped 3.8% to $7.55, just above last
Friday’s three-year closing low of $7.48. It has tumbled 39.0% year
to date, while the S&P 500 index SPX, 1.02% has
gained 7.0% this year.
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