It’s proxy season. First up: Rexford, which happened to be the focus of our last column. Because of the succession post-Elliott stake, we knew some compensation details via the former co-CEOs’ separation agreements and the new CEO’s employment agreement. Still, there are more details, so let’s dive in. Former co-CEOs Michael Frankel and Howard Schwimmer’s total compensation last year was valued at about $26 million each. A lot of that was severance pay … the two received restricted stock valued at more than $22 million, which were “issued in lieu of cash severance in the event of termination without cause,” […]
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