February 22, 2018 / 5:22 PM / 6 months ago

CORRECTED-UPDATE 1-Snap chief earns $638 mln in 2017, third-highest CEO payout ever

(Corrects Snap IPO price in para 7 to $17 from $18)

By Munsif Vengattil

Feb 22 (Reuters) - Snap Inc Chief Executive Officer Evan Spiegel received $637.8 million as total compensation as the company went public last year, the third-highest annual payout ever received by a company’s chief executive.

Spiegel’s payout trails the 2007 and 2008 compensations of Daniel Och, CEO of hedge fund Och-Ziff Capital Management Group, according to ISS Analytics, the data arm of Institutional Shareholder Services Inc.

Och received $918.9 million and $1.19 billion as annual compensation for fiscal years 2007 and 2008.

Spiegel's compensation is based on stock-based awards worth $636.6 million and salary and other compensation worth about $1.2 million, according to a security filing by Snap on Thursday. (bit.ly/2ohmPC6)

“I believe this is the largest value we have seen in the 10 years we’ve been compiling annual ‘highest-paid’ CEO studies,” said Dan Marcec, Director of Content at executive compensation data firm Equilar.

Spiegel’s official annual salary is $98,078 as of last year.

Shares of Snap only recovered to its IPO price of $17 in the first week of February, having traded below it since July.

The company’s shares fell nearly 8 percent on Thursday, to again trade below the IPO price and analysts attributed the losses to users taking issue with Snap’s latest redesign. (Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta)

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