SiriusXM CEO Jennifer Witz earned $7.1 million in 2022, compared to $32.6 million in 2021, according to a company filing with the Securities and Exchange Commission.
Witz earned a base salary of $1.75 million last year, compared to $1.74 million in 2021. The CEO had waived any increase in her base salary that would be required in 2022 or 2023, according to the filing.
However, she did not receive any stock or other option awards in 2022, as her stock award in 2021 was intended to be for a multi-year period. She received $15 million in stock awards and other option awards of $9.5 million in 2021.
She received a $4.1 million bonus, compared to a $6.1 million bonus last year. All other fees were $1.3 million compared to $300,334 in 2021. Witz has been CEO of SiriusXM since January 1, 2021.
Also at SiriusXM, CFO and Executive VP Sean S. Sullivan received total compensation of $2.8 million, compared to $7.6 million in 2021. Sullivan also received no stock awards in 2022, under the same guidelines as Witz, increasing his overall total lowered for the year.
SiriusXM’s 2022 annual revenue was $9.0 billion, up 4 percent, and revenues totaled $1.21 billion, down from $1.31 billion in the prior year. The company ended 2022 with 32.4 million self-paying subscribers, up 348,000 from the previous year, thanks to growth in the streaming-only subscriber segment.
But in late 2022, the satellite radio company was one of many to see a slowdown in advertising, leading the company to provide guidance for a “softer first half” of 2023. Speaking at the Deutsche Bank Media, Internet & Telecom Conference on Feb. 28, Sullivan said that the company “anticipated a bit of recovery in the second half of the year,” while adding that the podcasting business remains “pretty stable.”
