Kelly Loeffler, the United States Republican senator for Georgia, has received more than $9 million as stocks and other compensations when she departed from the apex role of Bakkt, an Intercontinental Exchange (ICE) subsidiary.
As reported by The New York Times, Loeffler’s financials were disclosed with her recent filing with the Securities and Exchange Commission (SEC).
The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation
Before taking public service, Loeffler was the CEO of Bakkt and also held a leadership role at ICE before that.
The $9 million exit payout was in addition to her $3.5 million annual compensation, including bonus, for 2019.
The report highlighted that Loeffler received millions in restricted stocks and options, but they were not eligible for sale when she stepped down from her position at the company. Typically, with her exit, she had to forfeit her rights from them. However, the company altered its policies to let her keep the awards.
Notably, her husband Jeffrey Sprecher is the founder and CEO of Bakkt’s parent ICE.
The additional compensation came in the form of shares, stock options, and other instruments – the largest being a stake in Bakkt, valued at $7.8 million.
It is important to note that the compensation and also the sudden change of policy is legal, but it raised doubts on her credibility as she and her supporters often pointed out her exit from a well-paid job for public service.
“Kelly left millions in equity compensation behind to serve in public office to protect freedom, conservative values and economic opportunity for all Georgians,” the publication quoted Stephen Lawson, a spokesman for Loeffler. “The obsession of the liberal media and career politicians with her success shows their bias against private sector opportunity in favor of big government.”
Not maintaining a clean image
Earlier this year, the Republican senator also made headlines after being accused of insider trading. She and her husband offloaded millions in stocks after she attended a meeting called by the Senate Health Committee on the coronavirus outbreak.
She, however, hit back at critics saying that the investment decisions were made by “multiple third-party advisors.”