Ronald J. Packard, the chief executive of Herndon-based education company K12 Inc., earned a total compensation package worth $5 million in fiscal 2011, according to an amended annual report filed Thursday with the Securities and Exchange Commission.
That’s nearly twice the $2.67 million Packard earned in 2010. It includes $551,000 in cash, $4.2 million in stock awards and about $290,000 in other compensation.
Packard’s pay reflects a new employment agreement negotiated in September 2010 and good until 2014. The company had $522 million in revenue in 2011, up nearly 36 percent percent from the year before.
“We determined that these awards were necessary and appropriate to retain Mr. Packard as our Chief Executive Officer and in recognition of Mr. Packard’s leadership and performance over the term of his employment with the Company,” the filing said.
K12 Inc. is the country’s largest operator of full-time public virtual schools, in which students learn at home via computer. The model is championed by some lawmakers, families and school-choice advocates, but has also come under increasing fire by critics who say it is an ineffective way to educate kids and a bad deal for taxpayers footing the bill.
The company’s amended filing also lists compensation for other top executives. They did not receive base-salary increases, the filing said, “despite their excellent performance, in order to maintain an efficient cost structure in an uncertain economic environment.”
Chief financial officer Harry T. Hawks earned about $544,000 — significantly less than his 2010 package, which was worth $1.8 million.
George B. Hughes Jr., executive vice president of school services, received $717,000, down from $799,000 in 2010.
Hughes’s job goals, according to the filing, included “renewal of virtual school contracts, expanding our blended school programs, linking teacher pay to performance measures, improving academic performance in fully-managed schools, integrating virtual schools obtained in acquisitions and ensuring school compliance with state regulations.”
Bruce J. Davis, executive vice president of worldwide business development, earned $686,000. The company has high hopes for overseas expansion possibilities and recently bought part of a Chinese enterprise that teaches English online.
Chief marketing officer Celia M. Stokes earned $690,000. Stokes’s job goals included “developing branding strategies for our business units, improving marketing efficiency and developing our call center operations.”