How Anderson was paid
$6.5M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Other | Total |
|---|---|---|---|---|---|
| Michael AndersonChief Executive Officer and President | $800,000 | $1,890,000 | $3,800,000 | — | $6,490,000 |
| Andrew T. BabinChief Financial Officer and Treasurer | $47,123 | $72,157 | — | — | $119,280 |
| Scott M. LappetitoFormer Chief Financial Officer and Treasurer | $373,767 | — | $1,800,000 | $1,353,514 | $3,527,281 |
What changed and why
- $6.5MChief Executive Officer Michael Anderson received $6,490,000 in total compensation for fiscal year 2025.
- $22MExternal management fees of approximately $22 million were eliminated following the 2024 internal management transition.
- A formulaic annual incentive plan and three-year equity programs were established for named executive officers.
- $1.4MScott M. Lappetito received $1,353,514 in severance payments following his resignation in November 2025.
- The company's ratio of CEO to median employee annual total compensation was approximately 42 to 1.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.