#SiriusXM CEO Jennifer Witz’s Pay Falls to $7.1M in 2022

SiriusXM CEO Jennifer Witz made $7.1 million 2022, compared to $32.6 million in 2021, according to a company filing with the Securities and Exchange Commission. 

Witz made a base salary of $1.75 million last year, compared to $1.74 million in 2021. The CEO had waived any increase to her base salary that would be required in 2022 or 2023, according to the filing.

However, she did not receive any stock awards or other option awards in 2022, as her 2021 equity award was intended to cover a multi-year period. She received $15 million in stock awards and other option awards of $9.5 million in 2021.

She received a bonus of $4.1 million, compared to a bonus of $6.1 million the previous year. All other compensation amounted to $1.3 million compared to $300,334 in 2021. Witz has been CEO of SiriusXM since Jan. 1, 2021. 

Also at SiriusXM, CFO and Executive VP Sean S. Sullivan received overall compensation of $2.8 million compared to $7.6 million in 2021. Sullivan also did not receive equity awards in 2022, under the same guidelines as Witz, which lowered his overall total for the year.

SiriusXM’s full year revenue for 2022 was $9.0 billion, up 4 percent, and income came in at $1.21 billion, down from $1.31 billion in the prior year. The company ended 2022 with 32.4 million self-pay subscribers, up 348,000 from the previous year, thanks to growth in its streaming-only subscribers segment.

But in late 2022, the satellite radio company was one of many to see a slowdown in advertising, which caused the company to issue guidance for a “softer first half” of 2023. Speaking at the Deutsche Bank Media, Internet & Telecom Conference on Feb. 28, Sullivan said the company was “anticipating a bit of a recovery in the back half of the year,” while adding that the podcasting business remains “fairly stable.”