SAN FRANCISCO (Diya TV) — General Growth Properties Inc. paid its CEO Sandeep Mathrani $39.2 million in 2015, mostly coming in the form of a stock award that will vest in 2020.
The $25 million stock award was granted as part of a new employment agreement Mathrani signed in February of last year, according to the company’s proxy statement that was released last Friday. He earned $1.2 million in salary, $3 million in bonuses and another $10 million stock award.
The company, which owns shopping malls, named Mathrani CEO in 2010, hiring him from Vornado Realty Trust, where he had been executive vice president of the New York-based company’s retail division for more than eight years. At Vornado, he managed one of New York’s largest portfolio of retail properties, including the Manhattan Mall and multiple other properties in the Penn Station district. Additionally, he oversaw plans to redevelop Boston’s historic Filene’s building.
General Growth, a company based in Chicago, was exiting bankruptcy stages at the time Mathrani’s hiring was announced. The company won court approval for corporate restructuring just a year and a half after filing the biggest real estate bankruptcy in U.S. history.