Education Management CEO triples annual pay
Todd Nelson, CEO of Downtown-based Education Management Corp., received nearly $13.2 million in compensation last fiscal year, or more than triple his pay a year earlier, said a securities filing.
Nearly all of the pay hike came in the form of stock options. He received more than $11.4 million-worth in the year ended June 30, compared with $1.9 million-worth the year before. Nelson's latest salary of $630,047 compared with $607,464 the year earlier.
His cash bonus dipped to $178,629 from $210,266. Education Management operates 105 for-profit, post-secondary schools, including the Art Institute of Pittsburgh. It will hold its annual shareholders meeting on Oct. 28 in Philadelphia.
The company faces a federal lawsuit filed in August by the Justice Department that claims Education Management bilked the government out of more than $11 billion in federal student grants and loans since 2003. The company denies the allegation.