The top two compensated executives at Arctic Slope Regional Corporation (ASRC) earned a combined $17,877,743 in 2021. Butch Lincoln, executive vice president and chief operating officer, earned over $9 million. Rex Rock Sr., the president and CEO, earned just under $9 million. The bulk of their compensation came from short-term and long-term incentive compensation.
Their 2021 compensation is a substantial increase from 2020. Lincoln’s more than $9 million salary was a 54.7% increase from 2020. Rock’s nearly $9 million salary was a 49% increase from 2020.
Alaska Native Corporations are required by law to list the names and compensation amounts of their top five compensated employees. According to their annual report sent to shareholders, ASRC’s earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2021 was up $34 million from 2020 and $15.5 million from 2020. But average shareholder employment went from 474 in 2019 to 345 in 2021, a decrease of 27%.
Pages 36-40 of the annual report describe how their short and long-term compensation is structured. Short-term measures a one-year period and long-term measures a three-year period.
The Rich get richer, they learned from the white man, who taught them how to screw over, their own people, which 8s sad, because once in power, they make sure only their family members and close friends get the best of the best high paying jobs. It’s simple, they are slightly educated and they know how to bullshit their way and make others believe they are the greatest thing that happened to their own native people. They need to be look at closely by the Federal Government for Fraud. They rip off their Own people and most like sell out… Read more »
Lol you inbred Jimmy. They learned greed from the white man? Hahahah. I just read a story on how some clink it tribe used to cut one foot off their captured slaves so that they could work but couldn’t run away. This was long before a “white” man showed up. And whites taught greed? Explain you dumb racist idiot
The initiatives Butch Lincoln implemented at ASRC contributed to the company growing top line revenue to $4.8 billion from $2.5 billion over ten years, delivering an EBITDA compound annual growth rate of eight percent, returning nearly $1 billion in dividends to ASRC shareholders, acquiring more than 30 operating companies, adding geographic diversification with 75% of ASRC’s 15,000+ workforce outside of Alaska, and establishing a private equity portfolio with $200 million committed to over 11 funds.
What have you accomplished for the company?
He did not build a company. Taxpayers built his company via set asides based on a being a disadvantaged business per the 8(a) program. He is breaking the law. He is only suppose to make 400K a year per the program rules. He is not doing anything but taking money from legitimate disadvantaged businesses. He is not Native American either.
The Government and Taxpayers grew this company not Butch Lincoln. He is only suppose to have a salary of 400K. In FY 2022 and 2023 (data not complete for 2023) – Fed Buyers appear to have awarded $36 BILLION to 8(a) companies, BUT over $10 BILLION of that was as 8(a) to Alaskan Native Corporations many of whom are multi-billion dollar Conglomerates 90% of this – over $9.2 Billion – went to just 23 ANCs/groups The top 7 averaged $726 Million in the last two FYs at least 11 of them have at least 1 Highly Compensated Official between $400K and $2.25 MILLON or more (per… Read more »
Funny thing is they just announced a 5% raise for their north slope workers. Guys who’ve been there 10+ years say they’ve never seen a COLA and with inflation running like wildfire they give 5% and say the insurance they offer will offset the other 3% of inflation that’s out there right now. Gas is up over 40% from last year and they say their insurance helps offset inflation. What a joke! They qualify for federal employee health benefits because they’re a tribal organization that holds government contracts. Really gonna dangle that carrot as an inflation offset when it’s probably… Read more »
This is a disgrace. And those who cite executive compensation at other corporations in an attempt to justify these obscene benefit packages are simply guilty of saying that two wrongs make a right. Just because other executives are over-compensated in the US does no make this OK. Who is responsible for approving this kind of ludicrous compensation? This money could do so much good. Instead it is being hoarded by a few well-connected bosses while the employees and shareholders are cut out.
I was a shareholder laid off due to the pandemic and these folks are padding their pockets. So ridiculous, the board members need to be changed or nothing is going to improve for the rest of us shareholders that aren’t on the board or closely related to a board member.
I am shareholder that was laid off after 17 years of loyalty with the corporation- due to the pandemic and these folks are padding their pockets. So ridiculous, the board members need to be changed or nothing is going to improve for the rest of us shareholders that aren’t on the board or closely related to a board member. One of the 5 year strategic initiatives was supposed to be increasing shareholder hire and development. I can attest from first hand experience that ASRC isn’t actually serious about that initiative at the board level when they let a 17 year… Read more »
Excellent reporting, Jeff.
I am so pissed right now after reading this. I have been working for this company for almost 13 years and have only see 3% raises and mostly will see the same this year and here they get millions of dollar raises????? You’re right @jimmy the richer just keep getting richer. Is there a company out here that isn’t a crook.
He is breaking the SBA rules per the 8(a) program. He is suppose to only make 400K a year. This is taxpayers money where this company get sole source contracts up to 100M without competing. This company is not disadvantaged nor is it being ran by a Native American. They get contracts doing nothing.
Sadly most of these people are not Native Americans. Mostly these companies are not native Americans.
Supposedly an 8A rule is that for Personal Income: “the business owner personally must maintain an adjusted gross income (AGI) of less than $400,000.”
Some members of Congress have hammered Alaska Native corporations that have won multi-billion-dollar federal contracts through the 8(a) program. The late U.S. Sen. Ted Stevens pushed the program through Congress, giving Alaska Native corporations access to no-bid federal contracts of unlimited size. Other minority and disadvantaged businesses in the program cannot win sole-source contracts worth more than $6.5 million. Critics call the Native benefits unfair and say it opens the door to fraud and waste.