Sundar PichaiSundar Pichai earned $164M in 2023
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Albert Chao

Ex-CEO of Westlake Chemical Partners

Education

Not specified

Field of Expertise

Business & Management

Born

January 1, 1964 - 61 years ago

Economy Sector

Basic Materials

Tenure

10 years 0 months (Jul 2014 - Jul 2024)

Previous Experience

President, Chief Executive Officer and Representative Director of Mitsubishi Chemical Group Corporation; Chief Executive Officer of Roquette Frères; Vice-Chairman and Chief Operating Officer of NuSil Technology LLC; Executive Vice President, Specialty Chemicals Business at Dow Corning Corporation; Chief Executive Officer of Avantor Performance Materials, Inc.

Albert Chao has been the Chief Executive Officer of Westlake Corporation since 2004, bringing over 40 years of experience in the chemical industry. He played a key role in founding Westlake in 1985 alongside his family, showing a strong commitment...

Year

2023

Total Compensation

$5.04M

Salary

$1.25M

Board Justification

The compensation philosophy is designed to attract, retain, and reward top executive talent while aligning their interests with those of the shareholders through performance-based compensation.

Bonus

$3.48M

Board Justification

The bonus is based on the Annual Incentive Plan (AIP) and is calculated as 135% of base salary, with a final bonus payment equal to 204% of the target bonus due to performance achievements in 2023.

Other

$315.43K

Board Justification

This includes contributions to the 401(k) plan and other benefits.

Restricted Stock

$0.00(0 RSU)

Board Justification

No stock was vested in 2023 as the focus is on the stock grants that are yet to vest.

Performance Metrics

The performance metrics include Total Shareholder Return (TSR), Economic Value Added (EVA), and Return on Capital Employed (ROCE).