SL Green: SL Green boosts CEO pay to $20.7 million

SL Green CEO Marc Holliday was awarded $20.7 million in total compensation last year, more than previous paychecks that some shareholders deemed too high.Holliday's 2024 pay consisted of $1.25 million in salary and a $2.5 million bonus, according to a regulatory filing Tuesday, with the balance in shares. His pay package was $2 million higher than the prior year.SL Green, New York's biggest commercial landlord, had a strong year in 2024 with occupancy rates across its 30 million square-foot portfolio rising to 92.5% and the 58% jump in its stock price was the strongest of any real estate investment trust with a market value above $1 billion. The developer sold a piece of 1 Vanderbilt Ave. that valued its tower at $4.7 billion.But even at their height last November SL Green shares remained about 20% below pre-pandemic levels and Holliday's new pay package may not satisfy critics. Over the past three years his average pay has been 50% higher than Vornado Realty Trust's Steven Roth, even though Vornado's revenue is double that of SL Green, according to figures in SL Green's new annual proxy statement. Last year a relatively high one-third of shareholders voted against Holliday's 2023 pay package and majorities voted against his pay for 2020 and 2016 when he was awarded $15 million and $17 million, respectively. Shareholder "say on pay" votes are non-binding.In response to "stockholder feedback," a term used 18 times in SL Green's proxy statement, the developer said it has eliminated awards for the CEO based on short-term performance and replaced them with longer-term incentives. Those include a $10 million cash bonus for Holliday should the company secure a casino license in Times Square and hit certain earnings targets. SL Green also stopped paying for Holliday's car.SL Green had no immediate comment.