As per the filing, $180 million of his package is restricted stock that he received when he joined the job. These stocks vest over several years. What Schwartz, 60, eventually pockets would be a function of how long he stays in the role and how well the shares perform, the report said.
As much as $6 million of his package is cash bonus that was “double the size of his target and a salary of $838,462”, the filing showed.
Schwartz was formerly Goldman Sachs Group Inc’s president. His KRAs at Carlyle include steadying the PE firm’s growth path, “boosting performance of key strategies and bolstering its stock price”.
It is worth mentioning here that Carlyle’s stock price has lagged behind its top publicly traded rivals.
During his first year at the company, Schwartz set new rules regarding how key dealmakers and executives are paid. He linked their compensation packages more closely to investor returns, reports say.He also directed vertical heads to put a check on costs. Earlier this year, the Washington-based company raised its capacity for buying its own shares to $1.4 billion.Carlyle’s board, which , determined that Schwartz exceeded goals for key metrics such as fee-related earnings and cost-cutting, as well as organizational changes.
The Carlyle board — which includes founders David Rubenstein, Bill Conway and Daniel D’Aniello — said Schwartz exceeded his goals on key metrics during the first year at the helm. These metrics included “fee-related earnings and cost-cutting, as well as organizational changes”.