David Ossip
Ceridian HCM's co-CEO made $120.5M last year
David Ossip was likely Minnesota's highest paid executive in 2021. His salary was $775,000, but he exercised more than $100 million in stock options.
March 25, 2022 at 12:34PM
Chairman and co-CEO
Ceridian HCM Holding
- Total compensation for year ended Dec. 31: $120,532,143
- Salary: $775,000
- Non-equity incentive pay: $400,000
- Other compensation: $51,727
- Exercised stock options: $107,835,000
- Value realized on vesting shares: $11,470,416
- New stock options: 226,931
- CEO pay ratio: 127 to 1
- Median employee pay: $83,919
- Total 2021 shareholder return: -2.0%
Note: Ossip's 2021 compensation was up from $108.2 million in 2020 and $43.9 million in 2019. He was the sole chief executive last year and is likely the highest paid executive in Minnesota for 2021.
In February, Ceridian announced that Ossip would start sharing CEO duties with Leagh Turner, who was promoted from president and chief operating officer. Ossip retained his role as chair.
In 2021, Ceridian lost $75.4 million on the year. Sales increased 21.6% to $1 billion and it closed on four acquisitions. In 2021, Ceridian's shares ranged between $80 and $130 a share, but the share price has been sliding since early November and is now around $68 a share.
The company last year also failed the annual non-binding say-on-pay vote, with only 26% of shareholders endorsing its executive compensation plan. In response, the compensation committee sought feedback from major shareholders and made changes to the plan for 2021. The changes are for 2021 and going forward.
Ossip has led Ceridian since 2013. The provider of cloud-based human resources software went public in April 2018. At the time, it was the largest initial public offering of a Minnesota company ever, raising $462 million.
Many of the shares Ossip exercised in 2021 went back to the public offering or the period before that. He exercised 1.25 million options for a gain of $107.8 million. The options were granted at prices of $17.20 and $22 a share; he exercised them when Ceridian's shares were trading at $102.45 and $105.37 a share.
Ossip's compensation in 2021 also included an $11.5 million gain from restricted stock and a $400,000 cash incentive payment for the company's 2021 performance.
Ceridian HCM's annual meeting, which will be held virtually, will be on May 3. Shareholders will again be asked to cast non-binding votes on the company's executive compensation plan.
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