Using data from proxy statements filed in 2022, Zayla Partners conducted a market study on highest paid CEOs in the Denver metroplex. Top industries for highest paid CEOs were consumer discretionary, Energy and Healthcare. As the 2023 proxy season unfolds, we will continue to monitor new filings and provide updates on observations.
Executive Compensation information for fiscal year 2021 was gathered from SEC filings made available between January 1, 2022 – December 31, 2022. Analyzing summary compensation table values for 106 CEOs, Zayla noted companies reported an average total CEO pay of $5,859,000 annually. Median total direct compensation for Denver CEOs was $4,216,000.
| Company | Name | Salary | Total Annual Incentive | Stock Awards | Option Awards | Chg Pension NQDC Excess Earnings | All Other | Total Compensation | Revenue ($MM) | Industry |
|---|---|---|---|---|---|---|---|---|---|---|
| Angi Inc. | Oisin Hanrahan | $518,443 | $700,000 | $41,132,595 | $0 | $0 | $8,250 | $42,359,288 | $1,892 | Communication Services |
| Riot Blockchain, Inc. | Jason M. Les | $631,887 | $1,085,963 | $20,155,500 | $0 | $0 | $3,518 | $21,876,868 | $259 | Information Technology |
| Heska Corporation | Kevin S. Wilson | $825,758 | $1,000,000 | $14,880,000 | $2,631,402 | $0 | $13,308 | $19,350,468 | $257 | Health Care |
| Mesa Laboratories, Inc. | Gary Owens | $579,231 | $1,072,600 | $15,216,960 | $1,200,052 | $0 | $8,138 | $18,076,981 | $184 | Health Care |
| M.D.C. Holdings, Inc. | David D. Mandarich | $1,000,000 | $6,000,000 | $9,982,336 | $0 | $0 | $10,279 | $16,992,615 | $5,586 | Consumer Discretionary |
| Crocs, Inc. | Andrew Rees | $1,100,000 | $2,755,500 | $11,889,515 | $0 | $0 | $40,905 | $15,785,920 | $3,555 | Consumer Discretionary |
| V.F. Corporation | Steven E. Rendle | $1,400,000 | $3,214,400 | $5,505,021 | $4,784,350 | $0 | $519,383 | $15,423,154 | $11,842 | Consumer Discretionary |
| EverCommerce Inc. | Eric Remer | $500,000 | $2,692,313 | $2,437,494 | $9,092,978 | $0 | $24,000 | $14,746,785 | $600 | Information Technology |
| SomaLogic Inc. | Roy Smythe | $630,315 | $626,575 | $594,641 | $12,440,896 | $0 | $13,102 | $14,305,529 | $70 | Health Care |
| UDR, Inc | Thomas W. Toomey | $800,000 | $0 | $13,384,600 | $0 | $0 | $43,700 | $14,228,300 | $1,517 | Real Estate |
| Western Union Company, The | Devin McGranahan | $17,400 | $1,000,000 | $6,500,000 | $6,600,000 | $0 | $0 | $14,117,400 | $4,476 | Information Technology |
| Trimble Inc. | Robert Painter | $882,692 | $2,535,632 | $10,533,714 | $0 | $0 | $4,783 | $13,956,821 | $3,676 | Information Technology |
| Sovos Brands, Inc. | Todd R. Lachman | $725,000 | $937,643 | $11,762,837 | $0 | $0 | $157,841 | $13,583,321 | $878 | Consumer Staples |
| Arrow Electronics, Inc. | Michael J. Long | $1,320,000 | $5,406,000 | $6,000,028 | $0 | $0 | $29,451 | $12,755,479 | $37,124 | Information Technology |
| Newmont Corporation | Thomas Palmer | $1,300,000 | $2,125,500 | $8,566,067 | $0 | $606,521 | $69,017 | $12,667,105 | $11,915 | Materials |
| Healthpeak Properties Inc | Thomas M. Herzong | $1,150,000 | $3,450,000 | $7,102,200 | $0 | $0 | $11,600 | $11,713,800 | $1,542 | Real Estate |
| Gevo, Inc. | Patrick R. Gruber | $500,000 | $450,000 | $5,208,084 | $4,800,222 | $0 | $60,573 | $11,018,879 | $1 | Energy |
| Veritone, Inc. | Chad Steelberg | $525,000 | $1,064,070 | $8,515,661 | $0 | $0 | $94,853 | $10,199,584 | $150 | Information Technology |
| Innospec, Inc. | Patrick S. Williams | $1,243,462 | $2,385,100 | $2,660,842 | $3,510,330 | $0 | $98,166 | $9,897,900 | $1,964 | Materials |
| PDC Energy, Inc. | Barton R. Brookman | $850,000 | $1,566,000 | $7,351,198 | $0 | $0 | $57,040 | $9,824,238 | $3,985 | Energy |
| Gates Industrial Corporation Plc | Ivo Jurek | $1,051,392 | $2,058,713 | $4,204,468 | $1,240,104 | $0 | $217,623 | $8,772,300 | $3,554 | Industrials |
| Ovintiv Inc. | Brendan McCracken | $702,756 | $1,469,661 | $6,032,292 | $0 | $0 | $425,678 | $8,630,387 | $14,263 | Energy |
| Pilgrim’s Pride Corporation | Fabio Sandri | $900,000 | $1,600,000 | $6,062,913 | $0 | $0 | $18,778 | $8,581,691 | $17,468 | Consumer Staples |
| Molson Coors Beverage Company | Gavin Hattersley | $1,137,671 | $1,621,182 | $4,202,824 | $1,040,003 | $0 | $233,000 | $8,234,680 | $10,701 | Consumer Staples |
| ZimVie Inc. | Vafa Jamali | $605,769 | $990,673 | $3,250,210 | $3,250,058 | $0 | $17,287 | $8,113,997 | $914 | Health Care |
| InnovAge Holding Corp. | Patrick Blair | $437,500 | $1,037,500 | $2,910,745 | $3,281,629 | $0 | $6,100 | $7,673,474 | $699 | Health Care |
| Simply Good Foods Company, The | Joseph E. Scalzo | $798,273 | $1,400,000 | $1,711,969 | $3,363,441 | $0 | $16,262 | $7,289,945 | $1,169 | Consumer Staples |
| Maxar Technologies Inc. | Daniel L. Jablonsky | $873,078 | $1,012,286 | $5,057,653 | $0 | $0 | $49,546 | $6,992,563 | $1,605 | Industrials |
| Century Communities, Inc. | Dale Francescon | $900,000 | $2,962,994 | $2,816,154 | $0 | $0 | $74,524 | $6,753,672 | $4,411 | Consumer Discretionary |
| Century Communities, Inc. | Robert J. Francescon | $900,000 | $2,962,994 | $2,816,154 | $0 | $0 | $73,792 | $6,752,940 | $4,411 | Consumer Discretionary |
| ONE Group Hospitality, Inc., The | Emanuel Hilario | $622,742 | $665,000 | $5,338,503 | $0 | $0 | $37,462 | $6,663,707 | $317 | Consumer Discretionary |
| Vail Resorts, Inc. | Kirsten A. Lynch | $885,999 | $1,188,300 | $2,249,991 | $2,249,981 | $0 | $35,357 | $6,609,628 | $2,526 | Consumer Discretionary |
| Advanced Energy Industries, Inc. | Stephen Kelley | $656,571 | $691,432 | $5,147,213 | $0 | $0 | $10,805 | $6,506,021 | $1,845 | Information Technology |
| Antero Resources Corporation | Paul M. Rady | $702,900 | $953,132 | $4,791,874 | $0 | $0 | $8,236 | $6,456,142 | $8,712 | Energy |
| Summit Materials, Inc. | Anne P. Noonan | $952,750 | $1,411,299 | $3,906,392 | $0 | $0 | $25,663 | $6,296,104 | $2,413 | Materials |
| Aytu BioPharma, Inc. | Joshua R. Disbrow | $545,000 | $462,203 | $5,192,000 | $0 | $0 | $0 | $6,199,203 | $97 | Health Care |
| WideOpenWest, Inc. | Teresa Elder | $819,000 | $1,791,276 | $3,318,809 | $0 | $0 | $0 | $5,929,085 | $705 | Communication Services |
| CSG Systems International, Inc. | Brian A. Shepherd | $696,511 | $910,000 | $3,925,148 | $0 | $0 | $231,356 | $5,763,015 | $1,090 | Information Technology |
| Woodward, Inc. | Thomas A. Gendron | $961,846 | $780,960 | $0 | $3,740,152 | $0 | $128,480 | $5,611,438 | $2,383 | Industrials |
| SSR MINING INC. | Rod P. Antal | $932,000 | $1,821,202 | $2,796,000 | $0 | $0 | $23,200 | $5,572,402 | $1,148 | Materials |
| Ping Identity Holding Corporation | Andre Durand | $435,000 | $614,655 | $4,439,290 | $0 | $0 | $8,700 | $5,497,645 | $299 | Financials |
| DCP Midstream, LP | Wouter T. Van Kempen | $718,208 | $1,106,040 | $2,737,587 | $0 | $0 | $913,087 | $5,474,922 | $15,196 | Energy |
| Apartment Investment and Management CO | Wes Powell | $525,000 | $827,600 | $3,123,100 | $964,200 | $0 | $5,100 | $5,445,100 | $190 | Real Estate |
| Antero Midstream Corparation | Paul M. Rady | $287,100 | $598,431 | $4,499,995 | $0 | $0 | $3,364 | $5,388,890 | $991 | Energy |
| Red Robin Gourmet Burgers, Inc. | Paul J.B. Murphy | $900,001 | $372,924 | $4,067,922 | $0 | $0 | $18,937 | $5,359,784 | $1,250 | Consumer Discretionary |
| Edgewise Therapeutics, Inc. | Kevin Koch | $524,500 | $316,250 | $0 | $4,273,240 | $0 | $4,583 | $5,118,573 | $0 | Health Care |
| Ball Corporation | Daniel W. Fisher | $857,846 | $1,918,261 | $994,009 | $994,002 | $71,578 | $23,640 | $4,859,336 | $15,349 | Materials |
| Biodesix, Inc. | Scott Hutton | $490,285 | $95,911 | $0 | $4,068,265 | $0 | $102 | $4,654,563 | $38 | Health Care |
| Paragon 28, Inc. | Albert DaCosta | $614,503 | $245,731 | $0 | $3,764,000 | $0 | $25,853 | $4,650,087 | $181 | Health Care |
| Liberty Energy Inc. | Christopher A. Wright | $612,000 | $180,000 | $3,801,972 | $0 | $0 | $17,400 | $4,611,372 | $4,149 | Energy |
| Palantir Technologies Inc. | Alexander Karp | $1,101,637 | $0 | $0 | $0 | $0 | $3,381,977 | $4,483,614 | $1,906 | Information Technology |
| RE/MAX Holdings, Inc. | Adam M. Contos | $741,667 | $1,370,800 | $2,275,033 | $0 | $0 | $52,471 | $4,439,971 | $353 | Real Estate |
| SM Energy Company | Herbert S. Vogel | $715,385 | $1,716,923 | $1,600,013 | $0 | $245,600 | $17,400 | $4,295,321 | $3,183 | Energy |
| MYR Group Inc. | Richard S. Swartz | $768,750 | $1,427,162 | $1,899,867 | $0 | $0 | $41,548 | $4,137,327 | $3,009 | Industrials |
| V2X, Inc. | Charles L. Prow | $764,619 | $1,185,106 | $2,099,972 | $0 | $0 | $33,844 | $4,083,541 | $2,891 | Industrials |
| Intrepid Potash, Inc. | Robert P. Jornayvaz III | $50,000 | $1,000 | $3,881,528 | $0 | $0 | $8,167 | $3,940,695 | $294 | Materials |
| DMC Global Inc. | Kevin T. Longe | $600,000 | $881,992 | $2,273,936 | $0 | $0 | $88,338 | $3,844,266 | $654 | Energy |
| ModivCare Inc. | Daniel E. Greenleaf | $850,000 | $1,062,500 | $849,956 | $849,991 | $0 | $25,103 | $3,637,550 | $2,504 | Health Care |
| Frontier Group Holdings, Inc. | Barry L. Biffle | $625,000 | $784,766 | $2,179,744 | $0 | $0 | $8,700 | $3,598,210 | $3,248 | Industrials |
| Gogo Inc. | Oakleigh Thorne | $700,000 | $1,050,000 | $1,595,080 | $0 | $0 | $450 | $3,345,530 | $404 | Communication Services |
| Gatos Silver, Inc. | Stephen Orr | $619,000 | $710,000 | $0 | $2,012,000 | $0 | $0 | $3,341,000 | $0 | Materials |
| CPI Card Group, Inc. | Scott Scheirman | $615,029 | $2,579,929 | $116,085 | $0 | $0 | $11,400 | $3,322,443 | $476 | Information Technology |
| Davita Inc. | Javier J. Rodriguez | $1,200,000 | $1,743,799 | $0 | $0 | $0 | $354,640 | $3,298,439 | $11,177 | Health Care |
| Lightning eMotors, Inc. | Tim Reeser | $390,385 | $300,000 | $1,250,001 | $1,310,807 | $0 | $11,635 | $3,262,828 | $24 | Industrials |
| National Storage Affiliates Trust | Tamara D. Fischer | $600,000 | $924,000 | $1,640,000 | $0 | $0 | $11,600 | $3,175,600 | $776 | Real Estate |
| Lightwave Logic, Inc. | Michael S. Lebby | $284,750 | $2,629,600 | $0 | $153,875 | $0 | $5,096 | $3,073,321 | $0 | Information Technology |
| Apartment Income REIT Corp | Terry Considine | $0 | $0 | $3,400,000 | $0 | $0 | $2,900 | $3,048,500 | $764 | Real Estate |
| Royal Gold, Inc. | William Heissenbuttel | $670,000 | $570,000 | $1,133,532 | $635,796 | $0 | $32,956 | $3,042,284 | $596 | Materials |
| National Bank Holdings Corporation | G. Timothy Laney | $750,000 | $1,012,500 | $976,678 | $209,994 | $0 | $60,375 | $3,009,547 | $67 | Financials |
| CIVITAS RESOURCES, INC. | Eric T. Greager | $529,808 | $521,336 | $1,865,983 | $0 | $0 | $20,893 | $2,938,020 | $3,791 | Energy |
| DISH Network Corporation | W. Erik Carlson | $1,000,000 | $0 | $150,025 | $1,731,437 | $0 | $14,420 | $2,895,882 | $16,679 | Communication Services |
| DHI Group, Inc. | Art Zeile | $590,680 | $912,176 | $1,179,000 | $0 | $0 | $20,966 | $2,702,822 | $150 | Communication Services |
| National CineMedia, Inc. | Thomas F. Lesinski | $759,808 | $524,080 | $1,125,000 | $250,000 | $0 | $7,158 | $2,666,046 | $249 | Communication Services |
| Clovis Oncology, Inc. | Patrick J. Mahaffy | $738,687 | $0 | $0 | $1,878,150 | $0 | $22,246 | $2,639,083 | $0 | Health Care |
| Noodles & Company | Dave Boennighausen | $614,539 | $576,285 | $1,199,967 | $0 | $0 | $17,952 | $2,408,743 | $510 | Consumer Discretionary |
| GrowGeneration Corp. | Darren Lampert | $301,354 | $1,713,577 | $0 | $0 | $0 | $25,201 | $2,040,132 | $278 | Consumer Discretionary |
| First Western Financial Inc | Scott C. Wylie | $550,000 | $700,000 | $737,116 | $0 | $0 | $10,140 | $1,997,256 | $29 | Financials |
| EchoStar Corporation | Michael T. Dugan | $1,000,002 | $694,000 | $0 | $0 | $63,515 | $17,584 | $1,775,101 | $1,998 | Communication Services |
| Farmers Partners Inc | Paul. A Pittman | $551,200 | $698,700 | $450,000 | $0 | $0 | $25,200 | $1,725,200 | $49 | Real Estate |
| Gold Resource Corporation | Allen J. Palmiere | $450,000 | $270,000 | $0 | $857,000 | $0 | $1,797 | $1,578,797 | $139 | Materials |
| StarTek, Inc. | Aparup Sengupta | $611,375 | $605,851 | $0 | $337,370 | $0 | $0 | $1,554,596 | $385 | Information Technology |
| Sitio Royalties Corp | Bryan C. Gunderson | $300,000 | $300,617 | $801,994 | $0 | $0 | $77,214 | $1,479,825 | $370 | Energy |
| Rocky Mountain Chocolate Factory, Inc. | Bryan J. Merryman | $355,000 | $0 | $1,082,850 | $0 | $0 | $4,200 | $1,442,050 | $32 | Consumer Staples |
| Solid Power, Inc. | Douglas Campbell | $258,333 | $162,500 | $0 | $981,783 | $0 | $15,941 | $1,418,557 | $12 | Consumer Discretionary |
| Century Casinos Inc. | Peter Hoetzinger | $619,957 | $405,000 | $289,079 | $0 | $0 | $86,992 | $1,401,028 | $419 | Consumer Discretionary |
| S&W Seed Company | Mark W. Wong | $525,000 | $135,450 | $72,240 | $650,000 | $0 | $11,600 | $1,394,290 | $71 | Consumer Staples |
| Century Casinos Inc. | Erwin Haitzmann | $620,299 | $405,000 | $289,079 | $0 | $0 | $54,665 | $1,369,043 | $419 | Consumer Discretionary |
| Golden Minerals Co | Warren M. Rehn | $330,000 | $231,000 | $767,000 | $0 | $0 | $13,986 | $1,341,986 | $23 | Materials |
| Ipsidy Inc. | Phillip Kumnick | $85,813 | $64,980 | $127,500 | $1,033,333 | $0 | $0 | $1,311,626 | $1 | Information Technology |
| StarTek, Inc. | Lance Rosenzweig | $25,385 | $0 | $0 | $0 | $0 | $1,152,287 | $1,177,672 | $385 | Information Technology |
| Gaia, Inc. | Jirka Rysavy | $524,064 | $524,064 | $0 | $0 | $0 | $4,800 | $1,052,928 | $82 | Communication Services |
| Pure Cycle Corporation | Mark W. Harding | $500,000 | $400,000 | $0 | $118,000 | $0 | $2,500 | $1,020,500 | $23 | Utilities |
| Advanced Emissions Solutions, Inc. | Greg P. Marken | $457,308 | $170,000 | $361,987 | $0 | $0 | $11,978 | $1,001,273 | $100 | Materials |
| Zynex, Inc. | Thomas Sandgaard | $495,833 | $342,438 | $0 | $135,640 | $0 | $14,440 | $988,351 | $158 | Health Care |
| Concrete Pumping Holdings, Inc | Bruce Young | $517,464 | $318,300 | $0 | $0 | $0 | $29,176 | $864,940 | $401 | Industrials |
| Good Times Restaurants Inc. | Ryan M. Zink | $275,000 | $300,000 | $27,800 | $110,070 | $0 | $25,576 | $738,446 | $138 | Consumer Discretionary |
| Westwater Resources, Inc. | Christopher M. Jones | $318,360 | $191,016 | $0 | $191,016 | $0 | $1,253 | $701,645 | $0 | Industrials |
| TTEC Holdings, Inc. | Kenneth D. Tuchman | $1 | $0 | $0 | $0 | $567,932 | $64,202 | $632,135 | $2,444 | Information Technology |
| Vista Gold Corp | Frederick H. Earnest | $325,000 | $0 | $192,440 | $0 | $0 | $11,400 | $528,840 | $0 | Materials |
| ARCA biopharma, Inc. | Michael R. Bristow | $343,431 | $0 | $0 | $162,956 | $0 | $20,126 | $526,513 | $0 | Health Care |
| Akerna Corp. | Jessica Billingsley | $250,000 | $54,750 | $153,474 | $0 | $0 | $21,780 | $480,004 | $14 | Information Technology |
| Oblong, Inc. | Peter Holst | $199,875 | $210,000 | $0 | $0 | $0 | $8,550 | $418,425 | $6 | Information Technology |
| Where Food Comes From, Inc. | John Saunders | $378,000 | $0 | $0 | $1,800 | $0 | $10,200 | $390,000 | $25 | Industrials |
| Ascent Solar Technologies, Inc. | Victor Lee | $165,000 | $200,000 | $0 | $0 | $0 | $0 | $365,000 | $1 | Information Technology |
| Solitario Zinc Corp. | Christopher E. Herald | $145,000 | $0 | $0 | $24,630 | $0 | $26,000 | $195,630 | $0 | Materials |
| Enservco Corporation | Richard A. Murphy | $160,577 | $0 | $0 | $0 | $0 | $16,035 | $176,612 | $22 | Energy |
Denver CEOs receive an average of 11% of their total compensation in the form of base salary ($627,000). The bulk (88%) of total direct compensation is paid through a mix of short and long-term incentives. The emphasis from shareholders and institutional investors on the alignment of CEO pay with shareholder returns is the catalyst for the significant weighting of performance-based pay elements.
| Company | Name | Salary | Total Annual Incentive | Stock Awards | Options | Chg Pension NQDC Excess Earnings | All Other | Total Compensation (millions) | Revenue (billions) |
|---|---|---|---|---|---|---|---|---|---|
| Angi Inc. | Oisin Hanrahan | $518,443 | $700,000 | $41,132,595 | $0 | $0 | $8,250 | $42,359,288.00 | $1,891.50 |
| Riot Blockchain, Inc. | Jason M. Les | $631,887 | $1,085,963 | $20,155,500 | $0 | $0 | $3,518 | $21,876,868.00 | $259.10 |
| Heska Corporation | Kevin S. Wilson | $825,758 | $1,000,000 | $14,880,000 | $2,631,402 | $0 | $13,308 | $19,350,468.00 | $257.30 |
| Mesa Laboratories, Inc. | Gary Owens | $579,231 | $1,072,600 | $15,216,960 | $1,200,052 | $0 | $8,138 | $18,076,981.00 | $184.30 |
| M.D.C. Holdings, Inc. | David D. Mandarich | $1,000,000 | $6,000,000 | $9,982,336 | $0 | $0 | $10,279 | $16,992,615.00 | $5,586.30 |
| Crocs, Inc. | Andrew Rees | $1,100,000 | $2,755,500 | $11,889,515 | $0 | $0 | $40,905 | $15,785,920.00 | $3,555.00 |
| V.F. Corporation | Steven E. Rendle | $1,400,000 | $3,214,400 | $5,505,021 | $4,784,350 | $0 | $519,383 | $15,423,154.00 | $11,841.80 |
| EverCommerce Inc. | Eric Remer | $500,000 | $2,692,313 | $2,437,494 | $9,092,978 | $0 | $24,000 | $14,746,785.00 | $599.90 |
| SomaLogic Inc. | Roy Smythe | $630,315 | $626,575 | $594,641 | $12,440,896 | $0 | $13,102 | $14,305,529.00 | $70.30 |
| UDR, Inc | Thomas W. Toomey | $800,000 | $0 | $13,384,600 | $0 | $0 | $43,700 | $14,228,300.00 | $1,517.40 |
Zayla analyzed the relationships of company financials and CEO compensation for fiscal year 2021 across the 106-company universe. Looking at median pay levels, Zayla noted companies in the Consumer Discretionary industry had the highest CEO pay, followed by Energy and Healthcare.
Zayla noted that in the 106 analyzed CEOs of the Denver metro, only 5 were women and 101 were men.
Salary: $518,443
Stock Awards: $41,132,595
Option Awards: $0
Non-Equity Incentive Plan Compensation: $0
All Other: $8,250
TOTAL COMPENSATION: $42,359,288
*Based on 2021 findings
ABOUT OUR DATA
Compensation data was aggregated from proxy statements and annual reports filed during the period January 1, 2022 – December 31, 2022. Zayla is a compensation consulting firm serving public, private, not-for-profit and public administration organizations across the United States, including Houston, Dallas/Fort Worth, Austin/San Antonio, Denver and Louisiana.
SIMILAR ANALYSIS
Highest Paid CEOs: Dallas/Fort Worth, Austin/San Antonio, Houston, Louisiana
SOURCES
S&P Capital IQ
Securities & Exchange Commission (SEC) filings
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