Blackstone has cut the CEO’s salary and dividends.
Reuters reported on the 24th (local time) that Blackstone’s CEO Stephen A. Schwarzman received a pay and dividends of $896.7 million last year, a decrease of 29% from the record income of 2022.
According to the documents, Schwarzman’s pay in 2023 consists of $777 million in dividends and $119.8 million in compensation, a 53% decrease from the $1.253 billion he received in 2022.
Schwarzman owns approximately 231.9 million shares of Blackstone, and the company has paid him an annual dividend of $3.35 per share.
On the other hand, Blackstone announced that its fourth-quarter distributable earnings increased by 4% as it cashed out more assets across real estate, credit, and hedge funds last month.
Distributable earnings represent the cash used to pay dividends to shareholders, and it increased to nearly $1.4 billion over the three months to December 31, up from the same period last year.
Blackstone did not respond to Reuters’ request for confirmation.
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