Hedge fund firm Sculptor Capital Management Inc. said its deal to be acquired by Rithm Capital Corp. will cut Chief Executive Officer Jimmy Levin’s pay, a flash point in the long-running dispute between the publicly traded hedge fund firm and its founder.
Under the deal, Levin’s pay will be capped at $30 million, with half paid in cash and the rest in deferred compensation, the company said in a proxy statement filed Monday. In July, Rithm agreed to buy Sculptor in a deal valued at about $639 million, which is set to complete in the fourth quarter.
Och sued Sculptor in Delaware last year, demanding that the company turn over records related to Levin’s promotion to CEO and how the board determined his pay, which totaled $145.8 million in 2021. In November, the two resolved the legal dispute and Sculptor formed a special committee to explore potential transactions.
Sculptor’s shares gained 5.36% to $11.80 at 9:39 a.m. in New York. The stock climbed more than 30% over the past year but is still down more than 55% over the past two years.Levin and other Sculptor execs will forfeit unvested stock awards for 2021, with Levin’s amounting to more than $63 million. It said that certain members of senior management, including Levin and Chief Operating Officer Wayne Cohen, “made long-term commitments to the Company and agreed to a 10-20% reduction in their annual compensation.”
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