February 22, 2018 / 4:23 PM / 10 months ago

Snap chief earns $638 million in 2017, third-highest CEO payout ever

FILE PHOTO - Snapchat CEO Evan Spiegel attends the first day of the annual Allen and Co. media conference in Sun Valley, Idaho, July 8, 2015. REUTERS/Mike Blake

(Reuters) - Snap Inc (SNAP.N) Chief Executive Evan Spiegel received $637.8 million as total compensation last year after the company went public, the third-highest annual payout ever received by a company’s CEO.

Spiegel’s payout trails the 2007 and 2008 compensations of Daniel Och, CEO of hedge fund Och-Ziff Capital Management Group, according to ISS Analytics, the data arm of Institutional Shareholder Services Inc.

Och received an annual compensation of $918.9 million in fiscal year 2007 and $1.19 billion in 2008.

Spiegel's pay package is based on stock-based awards worth $636.6 million and salary and other compensation worth about $1.2 million, according to a security filing by Snap on Thursday. (bit.ly/2ohmPC6)

“I believe this is the largest value we have seen in the 10 years we’ve been compiling annual ‘highest-paid’ CEO studies,” said Dan Marcec, Director of Content at executive compensation data firm Equilar.

Spiegel earned $98,078 as salary in 2017, according to a security filing by the company.

Shares of Snap rose in February above its IPO price of $17 for the first time since July.

The company’s shares fell 8 percent on Thursday and analysts attributed the losses to users taking issue with Snap’s latest redesign.

Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur

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