Carvana Co., an online automobile retailer that has faced increased scrutiny over its business practices, has granted significant compensation packages to two of its top executives in the legal department. In recent filings with the Securities and Exchange Commission, Carvana disclosed that it awarded nearly $17.2 million in total compensation to its general counsel and chief compliance officer, Paul Breaux, and chief operating officer, Benjamin Huston.
According to the SEC proxy statement filed on March 14, Breaux’s compensation package amounted to approximately $6.7 million for the previous year. This marks Breaux’s first appearance as a named executive officer since joining the company’s C-suite. Notably, Breaux’s compensation was supplemented by his sale of $41.9 million worth of Carvana stock, according to additional securities filings.
On the other hand, Benjamin Huston, who co-founded Carvana and transitioned from his initial role as a Big Law associate to COO, received more than $10.5 million in total compensation for the same period. This significant package places these executives among the upper echelon of corporate compensation in the legal sector.
The substantial pay packages coincide with Carvana’s concerted efforts to weather both market challenges and regulatory scrutiny, raising questions about the firm’s operational and strategic priorities. Legal professionals and corporate governance observers will continue to monitor Carvana’s trajectory as it navigates these multifaceted challenges. For more detailed information, see the full article on Bloomberg Law.