Evercore’s John Weinberg Set for $94 Million in Cash, StockBy and
Chairman can get cash awards over five years if targets met
He was named to succeed Roger Altman at New York-based bank
Evercore Partners Inc.’s executive chairman, John S. Weinberg, could receive as much as $35 million in cash awards over five years starting in 2019 as well as about $59 million of stock.
Weinberg, 59, will get $11 million on March 1, 2019, if he meets performance targets, and an additional $6 million each of the next four years, the New York-based firm said Friday in a regulatory filing.
Weinberg, who was named the board chairman on Wednesday, will also get at least $500,000 in salary and an annual bonus at the discretion of the board’s compensation committee, Evercore said. Weinberg received 900,000 restricted shares, valued at $59 million as of Friday’s close, that will vest if he remains on the job through March 1, 2022.
Weinberg also collects 400,000 partnership units that vest over time if Evercore shares trade above $75 for 20 consecutive days.
Weinberg is taking the spot of Roger Altman, 70, who founded Evercore and will remain on the board and is the firm’s senior chairman. A Goldman Sachs Group Inc. veteran, Weinberg was vice chairman of the New York-based bank when he stepped down in 2015 after serving as co-head of investment banking for 12 years. His family had helped run the firm for most of its existence.
Altman’s reported package added up to $20.5 million over the past three years, according to the most recent proxy filing. He took Evercore public in 2006.