SoFi CEO Anthony Noto saw his pay increase more than 40% last year

By Emily Bary

While Noto's salary grew modestly, the total value of his stock awards drove the big increase

Anthony Noto, the chief executive of SoFi Technologies Inc., saw his total compensation grow by more than 40% last year, thanks in large part to a sizable increase in the value of his stock awards.

Noto took home $18.3 million in total compensation for 2023, SoFi's (SOFI) latest proxy filing shows. His total compensation was $12.9 million in 2022.

The SoFi CEO saw the value of his 2023 stock awards come out to $14.2 million, up from $9.4 million in 2022.

Read: SoFi's stock has faced very negative sentiment, but that seems to be softening

Noto saw a less dramatic boost to his salary, which totaled $1 million in 2023, up from $965,385 in 2022.

Other elements of his compensation included $2.7 million in non-equity incentive-plan compensation, up from $2.3 million the prior year. He also saw his "all other compensation" nearly double to $355,850; SoFi said this category includes residential security services for the CEO.

SoFI's stock got a nice bump as well in 2023, rising 116% on the year after suffering a 71% plunge in 2022. The financial-technology company racked up its first GAAP profit and saw its student-loan refinancing business start to rally after the prior payment moratorium had kept it at bay.

But shares are off to a weaker start this year, down 22% so far in 2024. The company recently announced a capital raise that spooked some investors, though shares have drawn several upgrades over the course of April as some analysts said the stock had fallen far enough.

Don't miss: Here's why SoFi's stock racked up a rare bullish call

-Emily Bary

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04-08-24 1748ET

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