TripAdvisor CEO Tops Retail CEO Pay List
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Your Money Briefing.
Money and Market Stories from The Wall Street Journal. I'm J.R. Whalen in New York. The top earning retail CEO in the U.S. doesn't lead a traditional retail company. We'll explain in a moment. First, these money headlines. A survey by Realtor.com of homeowners shows that living near a good school was so important to 78% of buyers, they compromised on their home's features to make that desire a reality. and nearly 60% of buyers used test scores to determine a school district's quality. Additionally, buyers considered whether schools had gifted and talented programs in art and music education. A separate Realtor.com survey found that the amenity that buyers most frequently gave up For the privilege of living near a better school was a garage, nearly 20% of buyers, even though garages are the most sought-after feature among prospective homebuyers.
And the price of Bitcoin has jumped above $8,000, extending a rally that has lifted the largest cryptocurrency by market value to its highest level in two months. After a dismal first half of the year, Bitcoin has shown signs of life in recent weeks. It rose above $6,000 each in late June, surpassed $7,000 last week,
Why does living near top schools drive homebuyer compromise according to Realtor.com?
and exceeded $8,000 on July 24th. The 25% gain so far in July puts Bitcoin on pace for its second biggest monthly gain this year. And the recent rebound also helped rival digital currencies such as Ether and Ripple, pushing the market capitalization for the entire cryptocurrency market back above $290 billion. This is your Money Briefing from The Wall Street Journal. Welcome back, everybody. No doubt you've heard the commercials. TripAdvisor, the latest reviews, the lowest prices. TripAdvisor has become one of the most recognizable travel brands in America, and its CEO ranks as the highest paid CEO in the retail industry. The Wall Street Journal's Patrick Thomas is here to discuss. So Patrick, what's surprising here is the highest paid retail sector CEO doesn't come from the world of shopping or even a prominent store chain.
No, it does not. It's Stephen Koffer from TripAdvisor. And actually, the top three don't come from what we would think of as traditional retailers. Your traditional brick-and-mortar stores, they come from what's classified by the S&P as internet and direct marketing retailers, so Netflix, Booking Holdings, and TripAdvisor. So the S&P takes all these different companies and classifies them into different sectors. And some of these companies don't always fit perfectly into these categories. So they try and lump them into ones that are the closest. So in this case, these travel companies fit into the retail category.
And still, these numbers are amazing. Stephen Koffer of TripAdvisor, his total pay last year was $47.9 million. And as you mentioned, number two on the list, Glenn Fogle of Booking Holdings, $27,774,000. I mean, the online travel business, I suppose that we're all in the wrong business here because the numbers are far and away are fantastic if you're in the top management.
Well, Mr. Coffer's pay is a little bit different, the way it's structured. Now, last year, he only had about $1.2, $1.5 million in compensation. This year, it was much larger by a long shot because of the way his compensation is set up, which is not really that normal. He receives a one-time equity award every few years. And if you spread that out over the course of three, four years, it would look much more normal and in line with the rest of the group. But in this case, his last one, his last equity award was 2013. He received another one in 2017, and he probably won't receive another one till around 2021.
And in the case of Glenn Fogle, number two on the list of booking holdings that runs travel sites, booking.com, kayak.com. Also, Priceline.com. So a lot of highly used and often used websites under that number two slot. Let's go back to Koffer for a moment. That all too prevalent story of the disconnect between CEO pay and shareholder return, that's rearing its head here. Last year, TripAdvisor posted a total shareholder return of negative 26%.
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