Under Armour paid CEO Kevin Plank almost $3.2 million last year, more than double his compensation in 2012, the company disclosed Friday.
It was a high-flying year for the Baltimore sports apparel company, which saw its stock price rise 80 percent. It announced a 2-for-1 stock split this week.
As the company's founder and largest shareholder, Plank was the prime beneficiary. His roughly 20 million shares were worth more than $2 billion as of Feb. 21, Under Armour said in its U.S. Securities and Exchange Commission filing Friday.
That makes his corporate pay a relative drop in the bucket — particularly the part he's guaranteed. Plank, 41, received a salary of $26,000, an amount he requested starting in 2008 because he thinks he should be compensated based on incentives tied to company performance.
His cash incentives totaled $2,375,000 last year, Under Armour said. Plank also received stock valued at about $784,000.
The company said in its filing that executive pay was set in part by considering net revenue and operating income, both of which rose 27 percent last year.
"Our performance for 2013 was strong across all measures," Under Armour said.
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