Noble Paid Its Co-CEO $20 Million as Losses Hit $5 Billion
- Payout comes as restructuring imposes big losses on investors
- Frase’s division lost $1 billion in 2017, the year he quit
Noble Group Says No 'Magic Pill' for Investors
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Noble Group Ltd. handed its outgoing co-Chief Executive Officer Jeff Frase a remuneration package worth about $20 million last year, even as the commodity trader slumped to a record loss of almost $5 billion.
The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternation as the embattled trading house attempts to secure agreement from its creditors and shareholders for a restructuring plan that would impose heavy losses.