Connecticut-based Dorian LPG has handed out higher cash bonuses to its executive management team while also approving increases in their base salaries.
Chief executive John Hadjipateras leads the way with a $1.4m cash bonus, up from the $1.225m he was awarded for the fiscal year ending 30 March 2023.
Hadjipateras also will see his base salary increase to $750,000 from $650,000 in the current fiscal year.
He also is receiving 84,500 restricted stock units, the most of any officer. The company did not disclose an estimated value for the cache of shares, which vests over the next three years.
Hadjipateras’ overall pay package for the previous year had an estimated value of $2.59m.
Veteran executive John Lycouris received a cash bonus of $550,000. In April, Lycouris was promoted to the new position of head of energy transition at Dorian. He had previously been chief executive of Dorian USA.
Dorian board’s compensation committee also approved a raise in Lycouris’ base pay in the current fiscal year to $600,000 from $550,000. He received 30,000 restricted shares.
Chief financial officer Theodore Young is also receiving a cash bonus of $550,000. His base salary jumps to $600,000 from $550,000, and he is pocketing 33,000 restricted shares.
Alexander Hadjipateras has earned a cash bonus of $300,000. He is the son of John Hadjipateras and in April was promoted to the newly created position of chief operating officer.
The younger Hadjipateras is receiving a bump in base pay to $425,000 from $370,000, as well as 30,000 restricted shares.
The remaining member of the executive team, chief commercial officer Tim Hansen, receives his compensation in Danish kroner.
He netted a cash bonus of DKK 4m, which Dorian said was equivalent to $580,000.
Hansen saw his base pay rise to DKK 4.15m from DKK 3.9m, and received 25,000 restricted shares.
Dorian owns and operates 25 modern VLGCs, including four dual-fuel units. It has headquarters in Stamford, with offices in Athens and Copenhagen.
The stock was trading around $41 on Thursday on the New York Stock Exchange, down about 8% year to date but up about 58% over the past year.
