Johnson Controls won’t say how much it paid its chief executive for 11 of the months he ran the publicly traded company last fiscal year, taking advantage of a loophole in pay-disclosure regulations.
Alex Molinaroli, who has been CEO of Johnson Controls since 2013 and an employee since 1983, received $46.4 million in compensation from Sept. 2 to Sept. 30, according to documents recently filed with the Securities and Exchange Commission. The documents omit what he made for the rest of the company’s fiscal year.
Johnson Controls Inc. merged with Tyco International PLC on Sept. 2, creating a conglomerate renamed Johnson Controls International PLC that sells everything from smoke alarms to car doors.
The SEC doesn’t require a company to disclose what its top executives were paid by a firm before it disappears or becomes a subsidiary in a merger.
“SEC rules do not call for the company to file additional information about Mr. Molinaroli’s compensation before the merger with Tyco, which we did not,” spokesman Fraser Engerman wrote in an email. “All SEC guidelines were followed in the formation of our proxy.”