This Indian-origin CEO is the world's second-highest-paid executive after Musk
What's the story
Shankh Mitra, an Indian-origin executive, has been named the world's second-highest-paid CEO by the Wall Street Journal. He is the chief executive officer of Welltower, a US-based real estate investment trust (REIT) company. With an annual pay package of $821 million, he comes only after Tesla's Elon Musk in terms of global CEO compensation.
Career trajectory
Mitra's early career and education
Mitra's journey to the top of Welltower started in India, where he earned his Bachelor's degree in Instrumentation and Electronics Engineering from Jadavpur University. He then moved to the US for an MBA in Applied Value Investing at Columbia Business School. His career began at PricewaterhouseCoopers before he transitioned into investment management with Fidelity Investments, Citadel Investment Group, and Millennium Partners.
Leadership role
His journey at Welltower
Mitra joined Welltower, a REIT focused on senior housing and healthcare, in 2016. He rose through the ranks to become Chief Investment Officer in 2018 and CEO two years later. His appointment was based on his investing and operational acumen that had positioned the company strongly over five years. "I am humbled and honored to serve as CEO of Welltower," Mitra said upon taking over from Thomas J DeRosa.
Pay breakdown
Most of his pay comes in form of stock grants
Mitra's whopping $821 million pay package is largely made up of stock grants. The Wall Street Journal reported that 99% of his pay comes from these grants, including $789 million given in October. By 2031, he will get half the shares if he stays with Welltower. The rest will be awarded if the company's market capitalization rises by 45% and its shares outperform several stock indexes over five years.