Corpay Grants CEO 300,000 PSUs After 44% Say-on-Pay Opposition
Executive Pay Controversy
Company Background
Corpay is a global S&P 500 provider of corporate payment solutions — fleet cards, virtual cards, AP automation, and cross-border FX services — with an approximate market cap of $23.8 billion. The company has been in an active expansion phase over the past year, closing the approximately £1.8 billion acquisition of Alpha Group International in October 2025, refinancing its credit facility multiple times to support that deal, and divesting the PayByPhone parking business to Lightyear Capital in early 2026.
Financial performance has been strong. First quarter 2026 revenues rose 25% year-over-year to $1.26 billion, with organic growth of 11% for the fourth consecutive quarter. Adjusted EPS climbed 29% to $5.80, well ahead of management's own guidance. Full-year 2026 adjusted EPS guidance was subsequently raised in May to a range of $26.30 to $27.10. The company also repurchased 2.4 million shares for $786 million in Q1 alone, while carrying roughly 2.7x leverage on its credit facility following the Alpha deal.
What Was Disclosed
The Compensation Committee approved what it explicitly labeled "special grants" of performance-based restricted stock units on July 22, 2026, under Corpay's Amended and Restated 2010 Equity Compensation Plan. Clarke received 300,000 PSUs and Armando L. Netto received 28,213 PSUs, both effective July 22.