Ynon Kreiz’s salary for his new position as co-CEO of Paramount-Warner Bros. has been revealed.
Kreiz, 61, who stepped down as the CEO of Mattel to take on this new role, will bring in $5 million as his base salary and be eligible for an annual bonus of $4.9 million once the merger is completed.
Beyond his base salary, he gets a number of stock options that boost his total compensation. Within 15 days of the WBD closing, Kreiz will be granted restricted stock units with an aggregate date value of up to $5.1 million. After the one-year anniversary of the closing of the merger, he would be eligible for $20.1 million in annual equity awards.
Kreiz’s total compensation at his previous post at Mattel rounded out to north of $15 million.
On Wednesday it was announced that Kreiz was stepping down as the toymaker’s CEO to become co-CEO of the combined Paramount-Warner Bros. Ellison will remain Chairman and CEO of the newly combined company, and Kreiz will serve as Co-CEO and join the Board of Directors. Together, they will oversee the combined company’s businesses, which will report jointly to both.
“Ellison and Kreiz will lead the anticipated combined company as one team, pairing complementary skillsets to maximize the full upside of the merger under a comprehensive long-term strategy,” Paramount said in a statement. “Ellison will focus on the company’s long-term strategy, creative vision and direction, including its talent relationships, strategic partnerships, technology and capital allocation. Kreiz will focus on the company’s day-to-day management and integration of the combined businesses.”
Kreiz added: “I’m excited to partner with David to build the next-generation media and entertainment company — bringing together premium content and iconic brands at the highest quality and scale, serving global audiences across every entertainment vertical and distribution platform. David is a unique talent and executive: a rare blend of business acumen, creative instinct, and clear vision.”
His first day at Paramount will be Oct. 6.