No one can accuse Barry Diller of putting all his eggs in one basket. Indeed, the busy septuagenarian just got a few new “eggs,” thanks to the 8-K that TripAdvisor, Inc. (TRIP) filed late last Friday afternoon.
Filed at 4:02 p.m. on April 20, the brief filing (which also gives Stephen Kaufer, TripAdvisor’s president and CEO, a raise from $300,000 to $500,000) makes Diller a wealthier man in just 33 words:
“Also on April 16, 2012, the [Compensation] Committee approved a base salary for Barry Diller, the Company’s Chairman and Senior Executive. Effective as of January 1, 2012, Mr. Diller will receive a base salary of $100,000.”
Not only is Diller going from $0 to $100,000 in the course of two sentences, but the decision’s retroactive effect gives Diller more than $29,000 extra than if TripAdvisor had started paying him on the date the Committee approved the idea.
Of course, most of Diller’s eggs are in other baskets, as we’ve written about previously in posts such as this one from 2011, and this one from 2010. In fiscal year (FY) 2010, Diller received more than $3.72 million in total compensation from IAC/InterActiveCorp (IACI), where he is Chairman and Senior Executive, according to the 2011 proxy. Diller holds the same titles at online travel company Expedia, Inc. (EXPE), from which he received nearly $4.32 million in total compensation for FY 2010, according to this May 2, 2011 10-K/A. (You may recall that Expedia spun off TripAdvisor in December, 2011.) While neither IAC/InterActive nor Expedia has filed documents disclosing Diller’s compensation numbers for FY 2011 yet, we expect that both companies will file that information with the SEC in the next week or two.
Diller apparently multi-tasks better than the rest of us do, because he gets even more eggs from a few other baskets. Then again, how much time could it possibly take to be the Chairman and Senior Executive of IAC/InterActive Corp., Expedia, and TripAdvisor?
For example, since 2002 Diller has served on the board of directors of The Coca-Cola Company (KO); in 2011, he earned $175,791 in 2011 ($50,000 in cash (which he deferred into 746 share units), $125,000 in stock, and the rest for miscellaneous expenses such as life insurance premiums). In addition to being a director, Diller serves on the Corporate Governance, Finance, and Management Development committees. Coca-Cola’s March, 2012 proxy discloses that the directors met 5 times in 2011, and that Diller’s committees held a total of 11 meetings. He attended most of the meetings, although we don’t know precisely how many.
And since 2000, Diller has also served as a director for The Washington Post Co. (WPO), where he sits on the Finance, Executive and Compensation Committees. When The Post filed its proxy last month, it disclosed that Diller earned $80,000 in cash for serving on the board. Again, we know that Diller attended a majority of the meetings, but we don’t know whether the number was closer to 75% or higher than that. But since the Washington Post’s bio on Diller is a little more comprehensive than the one in Coca-Cola’s proxy, we’re also told that Diller’s extracurricular activities include service as a director of:
“…The Newsweek/Daily Beast Company LLC, a private company. He also is a member of the Board of Trustees of New York University, a member of the Board of Councilors of the University of Southern California’s School of Cinema-Television and a member of the Council on Foreign Relations.
There’s no way of knowing just how much Diller gets from The Daily Beast, since it’s private, but he co-founded it, so we’re sure it adds to the $8.39 million he has in his various other baskets. Any way you look at it, though, Diller isn’t paid chicken feed. Now we just need to find out where he finds the time to give them all his conscientious attention.
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