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Top CBL Properties executive receives $10.4 million in 2021 compensation

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Stephen Lebovitz, chief executive of CBL Properties Inc., received an almost tripling of total compensation to $10.36 million for fiscal 2021, according to a regulatory filing.

CBL Properties is owner and operator of Hanes Mall in Winston-Salem and Friendly Center in Greensboro. The company emerged Nov. 1 from federal Chapter 11 bankruptcy protection.

A bankruptcy judge from the Southern District of Texas entered an order in August approving CBL’s reorganization plan that provides an 89% common-equity stake to certain noteholders.

Lebovitz received an 11.8% raise in base salary to $672,315, along with a combined $1.11 million in bonus and incentive pay.

The biggest compensation factor by far was stock awards valued at $8.27 million on the date they were awarded. He also received $307,151 in all other compensation that included $293,582 in personal usage of company aircraft.

Lebovitz’ CEO pay ratio was $120 to $1 based on a median employee annual wage of $86,404.

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@rcraverWSJ

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