The base salary of Waitr’s new CEO is more than double that of the company’s former CEO and founder but overall executive compensation will be lower when stock awards are included.
Adam Price, who was promoted to CEO from chief operations officer at the Louisiana-based food delivery business, will earn $400,000 annual salary, with potential of another $400,000 performance bonus and $2 million in restricted stock, according to U.S. Securities and Exchange Commission filings.
Chris Meaux, former CEO of Waitr, was paid $150,461 in base salary during 2018. His total compensation was $3.4 million due to $2.9 million in stock and $281,115 in other compensation, records show. Meaux remains on the board of directors as chairman of the company.
Waitr declined comment.
Price was the founder of New York-based Homer Logistics, a software startup that sells technology to promote efficiency of food delivery companies that was acquired by Waitr in January. He holds a bachelor’s degree in aerospace engineering from the University of California San Diego and has worked for ATA Engineering, which specializes in aviation and aerospace analysis and testing.
The market capitalization of Waitr is about $115 million and its stock is trading around $1.40 per share, as of morning on Aug. 19, which is down from a $13 per share 52-week peak. About five months ago, Waitr’s market cap was $910 million.