CEO Pay Watch: Before departing Polaris, Scott Wine gave up salary, bonus

Scott Wine, former chairman and chief executive, Polaris Inc.

Total compensation: $6,125,708 for the year ended Dec. 31

Salary: $318,462

Nonequity incentive pay: $0

Other compensation: $258,741

Value realized on vesting shares: $1,709,259

Exercised stock options: $3,839,246

New stock options: 159,381

Median employee pay: $56,366

CEO pay ratio: 144-1

Total 2020 shareholder return: -3.8%

Note: Wine announced in November that he would be leaving Polaris after nearly 12 years as CEO to lead CNH Industrial, a multinational maker of industrial, agricultural and construction equipment headquartered in London.

His realized compensation for his last year at Polaris was $6.1 million, a 48% increase over his realized pay in 2019. Most of that came from previously issued long-term equity awards that either vested or were exercised in 2020.

Wine voluntarily gave up his base salary from April 12, 2020, through the rest of the year in response to financial concerns related to COVID. He would have been eligible for a salary of $1.05 million. Instead, he was paid about $318,000 in salary.

He also forfeited the annual incentive bonus when he left for CNH Industrial. Other senior executives delayed their merit pay increases and took 20% salary reductions for nearly three months. Members of the Polaris board of directors also reduced their compensation 20% in the third quarter.

The company didn't adjust the financial targets for the year to account for the pandemic. It didn't have to.

After Polaris successfully managed temporary plant closures, demand for its outdoor recreation vehicles surged. Polaris said it added 700,000 new customers. Full-year sales rose 4% and adjusted net income was up 23%.

While Wine forfeited his annual incentive bonus, other executives earned bonuses that were 139% to 171% of their base salaries.