Switch CEO and founder Rob Roy rings the opening bell at NYSE on the company's IPO day on Oct. 6, 2017 NYSE Group
Switch CEO and founder Rob Roy rings the opening bell at NYSE on the company's IPO day on Oct. 6, 2017

Switch Founder Rob Roy Snares $95 Million for 2017 Tied to IPO

Year's pay package to exec consists mostly of stock award tied to offering

Anders Melin (Bloomberg) -- Switch Inc. gave its founder and Chief Executive Officer Rob Roy a $94.6 million pay package in 2017, with most of it in a stock award tied to the firm’s initial public offering.

Roy, 49, received a special award of 7.5 million shares -- or 3 percent of the firm’s stock -- linked to its IPO in October. Of those, 3 million vested immediately while the remainder, worth about $81.9 million at the end of 2017, will be handed to him gradually over four years, according to a regulatory filing Friday. Roy also received stock options valued at $2.91 million, $1 million in salary and a $1.26 million bonus.

The Las Vegas-based operator of data centers raised $531 million in its public listing, making it the one of the biggest technology IPOs in the U.S. last year. The stock fell to $14.04 on Friday in New York, and is down 17 percent since it began trading.

Roy founded the business in 2000.

See also: Why Switch's 2018 Guidance Disappointed Wall Street

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