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.
336-727-7376
