Incentive lifts Finchem’s pay over $11 million
PGA Tour Commissioner Tim Finchem earned $11.2 million in 2014, more than double the $4.8 million he made in 2013, largely because of a payout tied to a tour incentive plan, according to the tour’s newly available 2014 tax return.
The return was filed in mid-November with the Internal Revenue Service.
Finchem’s 2014 compensation includes a $3.7 million long-term incentive plan lump-sum payment. Finchem did not receive a similar award in 2013, and he won’t receive one in 2015 or in 2016 because of how the plan is structured.
The plan operates with three-year terms, and payments typically are paid out annually over the subsequent three-year period. That means payments from the plan’s 2011-13 term were paid out starting in 2014 and would continue in 2015 and 2016.
|PGA Tour Commissioner Tim Finchem received a lump-sum incentive plan payment of $3.7M in 2014.
Price said the total amount of compensation for Finchem that will be reported in the tour’s 2015 tax filing will be $5.4 million.
The tour received $383 million in television rights revenue in 2014 compared with $365 million in 2013, with 2013 being the first year of the tour’s current deals with CBS and NBC that run through 2021. Total sponsorship revenue climbed to $142 million in 2014 compared with $129 million in 2013, as the tour kept a full sponsor roster and increased its number of longer-term deals.
Compensation for other tour executives was also reported in the filing.
PGA Tour Deputy Commissioner Jay Monahan earned almost $1.7 million in 2014 compared with $897,234 in 2013, according to the filing. Monahan was named deputy commissioner in 2014. Ty Votaw, who was named chief marketing officer in 2014, received $1.67 million in compensation in 2014, compared with $978,058 in 2013.
Charles Zink, co-chief operating officer of the tour, earned $3.6 million in total compensation in 2014, up from $1.6 million in 2013, while Tom Wade, chief commercial officer, received $2.9 million compared with $1.9 million in 2013. The compensation for both Zink and Wade, however, included lump-sum payments from the tour’s long-term incentive plan, as was the case with Finchem.