SiriusXM CEO Jennifer Witz had a total pay package of $37 million in 2024.
Her remuneration consisted of a basic salary worth 2 million dollars, primarily composed of stock grants amounting to 16.2 million and option grants totaling 16.5 million. Additionally, she was given a bonus of 2.1 million dollars.
In the year 2023, I didn’t get any stock or options awards as part of my compensation package. My base salary was set at $1.75 million, with a total package of $7.2 million. However, come the following years, my total pay package saw an increase.
Witz and Scott Greenstein, as president and CFO of SiriusXM, respectively, were awarded long-term stock options in February 2024, which are tied to the extension of their three-year employment agreements. These options will be valid from 2024 through 2026, serving as replacements for the usual annual grants during this time frame.
Or, more informally:
Witz and Scott Greenstein received long-term stock incentives in February 2024 due to their contract renewals. These incentives cover the years 2024 through 2026, standing in for the annual grants they’d normally get during this period.
In the year 2024, Greenstein’s overall compensation package amounted to a significant increase, reaching $21.8 million compared to his $4.2 million from the previous year in 2023. This rise was due in part to substantial stock awards worth $10.4 million and option awards totaling $8.25 million, supplementing his consistent base salary of approximately $1.7 million, which remained relatively stable compared to prior years.
In the year 2024, Thomas D. Barry, holding the positions of executive vice president and chief financial officer, amassed a complete compensation package worth approximately $4.8 million. This included a basic salary of $845,765.
In September, the major audio company separated from its primary shareholder Liberty Media through a spin-off. As part of this separation, the compensation committee at SiriusXM announced that beginning in 2025, their equity awards would no longer include stock options and instead focus on free cash flow, with a relative Total Shareholder Return (TSR) modifier. This information was disclosed in the company’s financial report.
In the year 2024, SiriusXM experienced a decrease of 296,000 paid subscribers compared to the previous year, which was a better decline than the 445,000 self-pay subscribers lost in 2023. The company concluded 2024 with approximately 33 million total subscribers. However, there’s a concern that tariffs on car sales could affect their user base. The good news is, advertising revenue was robust in 2024 due to expansion in podcasting and programmatic sales. Yet, the company is considering potential effects of a weakening U.S. economy on consumer confidence and inflation trends moving forward.
By December, the company announced a goal of achieving $200 million in cost reductions as it approaches 2025. To accomplish this, they intend to reallocate marketing and other resources away from expensive, high-turnover audiences in streaming services, focusing instead on their primary revenue sources – their in-car subscribers.
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2025-04-14 23:54