International Seaways chief executive Lois Zabrocky took a cut in overall compensation for 2023 but did better in the cash portion of her pay.
Zabrocky pulled in a headline pay figure of $4.28m, about a 21% drop from the $5.4m earned overall for 2022.
But all of the reduction came in the estimated value of stock awards, which came to $2.03m on the year, down from $3.5m in the previous 12 months.
Zabrocky did better in both base salary at $749,000 from the previous year’s $696,000 and in her cash bonus, which rose to $1.23m from $1.66m.
All the numbers were up on pay for 2021, when the CEO’s overall earnings hit $3.05. That package included a base salary of $675,000, restricted stock valued at $1.14m, stock options worth $562,494 and a cash bonus of $633,000.
The compensation numbers, disclosed in a securities filing after the close of trading on Friday, came after the diversified New York tanker owner recorded the best year of results since its start-up in 2016.
“2023 marked another record year for Seaways and our portfolio of tanker assets,” Zabrocky said, referencing a fleet of 77 dirty and clean tankers, 64 of which are owned.
“Drawing on our substantial cash flows, we continued to pull all the levers of our balanced capital allocation strategy.”
Dip in compensation
Zabrocky was one of five senior International Seaways executives whose compensation was reported in the filing. All five had slightly lower compensation packages than in the previous year.
Veteran chief financial officer Jeffrey Pribor pulled in total pay of $2.48m, down from $2.85m. Again the difference came in restricted stock awards, which were valued at $1.1m versus $1.5m.
Chief administrative officer James Small had headline compensation of $1.98m, down from $2.46m. Stock awards fell to $717,000 from $1.26m.
Chief commercial officer Derek Solon earned $1.48m, lower than the $1.76m in 2022. Stock awards dropped to $545,000 from $1.26m.
Chief technical officer William Nugent saw overall pay of $1.49m come in under the previous year’s $1.76m. His stock bonus fell to $555,000 from $941,000.
