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NFL free agents aren’t the only ones signing big new contracts this week.
Realogy announced Friday in a regulatory filing, first reported by The Real Deal, that it’s renewing CEO Ryan Schneider’s contract, effectively locking him into a three-year deal that will keep him on as chief executive until at least March 2023.
The current deal between the two sides was set to expire in October 2020 and the terms, according to the filing, are “substantially similar,” but have been updated consistently with other executive changes. His base salary will continue to be $1 million, with eligibility for an incentive bonus up to 150 percent of his earnings. He’s also entitled to an annual long-term incentive award that can be allocated across unspecified equity vehicles.
On Feb. 27, Schneider, through an annual equity award, received 309,278 more shares of the company, bringing his total shares up to 655,617.
The extension comes at a time when Realogy’s stock has plummeted, along with the general market. Realogy’s stock dropped roughly 25 percent Monday, as the Dow Jones dropped more than 9 percent. Realogy’s stock reached a record low of $4 per share Monday.
The company also struggled in public markets last summer, but prior to the coronavirus-fueled Wall Street sell-off, seemed to have righted the ship, with the company’s stock climbing above $13 per share last month.
While at the helm, Schneider has focused on making the nation’s largest real estate holding company run leaner, with cost-cutting initiatives like selling off nonessential arms of the business, reorganizing certain brands and diving deeper into technology.