Companies ST JOE Co.
ST JOE (JOE): executive pay, fiscal 2025
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CEO pay, last three years
- $1,782,101FY2023
- $1,746,456FY2024
- $1,857,798FY2025
CEO total pay was $1,857,798 in fiscal 2025, up from $1,746,456 in fiscal 2024.
FY2025: salary $611,673 · bonus $924,281 · stock awards $308,143 · option awards $0
Executives and directors
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Jorge Gonzalez | $611,673 | $924,281 | $308,143 | $0 | $0 | $0 | $13,701 | $1,857,798 |
| President, Chief Executive Officer and Chairman of the Board | ||||||||
| Marek Bakun | 508,688 | 563,686 | 128,131 | 0 | 0 | 0 | 13,599 | 1,214,104 |
| EVP and Chief Financial Officer | ||||||||
| Elizabeth Walters | 422,551 | 404,387 | 106,444 | 0 | 0 | 0 | 3,114 | 936,496 |
| SVP, Chief Legal Officer and Corporate Secretary | ||||||||
| Rhea Goff | 320,417 | 307,491 | 80,920 | 0 | 0 | 0 | 2,479 | 711,307 |
| SVP and Chief Administrative Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Jorge Gonzalez | $1,857,798 | $1,746,456 | $1,782,101 | ↑ +111,342 |
| Marek Bakun | 1,214,104 | 1,126,869 | 1,097,339 | ↑ +87,235 |
| Elizabeth Walters | 936,496 | 899,222 | 892,789 | ↑ +37,274 |
| Rhea Goff | 711,307 | 671,331 | 630,460 | ↑ +39,976 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our 2025 executive compensation program consisted of base salary and discretionary cash incentives payable based on the CHC Committee s evaluation of our overall financial performance and the contribution of the individual NEO to such performance.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | not disclosed |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | False |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Marek Bakun | RSU | 2025-02-25 | — | — | 2,771 | — | $128,131 |
| Rhea Goff | RSU | 2025-02-25 | — | — | 1,750 | — | 80,920 |
| Elizabeth Walters | RSU | 2025-02-25 | — | — | 2,302 | — | 106,444 |
| Jorge Gonzalez | RSU | 2025-02-25 | — | — | 3,332 | — | 154,072 |
| Jorge Gonzalez | RSU | 2025-02-25 | — | — | 3,332 | — | 154,072 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Marek Bakun | $128,131 | $0 | $0 | 0.0% |
| Rhea Goff | 80,920 | 0 | 0 | 0.0% |
| Elizabeth Walters | 106,444 | 0 | 0 | 0.0% |
| Jorge Gonzalez | 308,144 | 0 | 0 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Rhea Goff | RSU | 1,035 | — | $61,448 |
| Elizabeth Walters | RSU | 1,387 | — | 82,346 |
| Marek Bakun | RSU | 1,640 | — | 97,367 |
| Rhea Goff | RSU | 1,750 | — | 103,898 |
| Rhea Goff | RSU | 1,862 | — | 110,547 |
| Jorge Gonzalez | RSU | 1,920 | — | 113,990 |
| Elizabeth Walters | RSU | 2,302 | — | 136,670 |
| Elizabeth Walters | RSU | 2,495 | — | 148,128 |
| Marek Bakun | RSU | 2,771 | — | 164,514 |
| Marek Bakun | RSU | 3,004 | — | 178,347 |
| Jorge Gonzalez | RSU | 3,332 | — | 197,821 |
| Jorge Gonzalez | RSU | 3,612 | — | 214,444 |
| Jorge Gonzalez | RSU | 4,361 | — | 258,913 |
| Jorge Gonzalez | RSU | 5,418 | — | 321,667 |
| Jorge Gonzalez | RSU | 5,760 | — | 341,971 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Howard S. FrankIndependent · Lead Independent Director · Audit (Chairman) · Compensation and Human Capital (Chairman) · Governance and Nominating (Chairman) | $200,000 | $0 | $0 | $0 | $0 | $200,000 |
| Cesar L. AlvarezIndependent · Audit · Compensation and Human Capital · Governance and Nominating | 125,000 | 0 | 0 | 0 | 0 | 125,000 |
| Thomas P. Murphy JrIndependent · Audit · Compensation and Human Capital · Governance and Nominating | 125,000 | 0 | 0 | 0 | 0 | 125,000 |
| Elizabeth D. FranklinIndependent · Audit · Compensation and Human Capital · Governance and Nominating · Newly elected | 55,565 | 0 | 0 | 0 | 0 | 55,565 |
| Jorge L. GonzalezEmployee director · Board Chair | 0 | 0 | 0 | — | 0 | 0 |
| Rhea GoffEmployee director | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $125,000 |
|---|---|
| Annual equity retainer | $0 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 25,000 |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $505,565 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $505,565 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names ST JOE as a peer
Companies that benchmark against JOE
6 companies name JOE as a compensation peer
- CADIZ INCCDZIFY2025
- Five Point Holdings, LLCFPHFY2025
- LandBridge CorpLBFY2025
- Limoneira COLMNRFY2025
- POTLATCHDELTIC CORPPCHFY2024
- TEJON RANCH COTRCFY2025
Each company listed discloses JOE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named JOE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | ST JOE Co. | 2025 | Jorge Gonzalez | $611,673 | $308,143 | $0 | $0 | $1,857,798 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-12 | 44,814,589 | 936,038 | 61,318 | 97.95% | Passed |
| 2025 | 2025-05-13 | 45,259,159 | 1,121,392 | 50,295 | 97.58% | Passed |
| 2024 | 2024-05-14 | 45,712,560 | 723,887 | 53,856 | 98.44% | Passed |
| 2023 | 2023-05-16 | 47,001,922 | 623,094 | 36,327 | 98.69% | Passed |
| 2022 | 2022-05-17 | 48,263,670 | 295,946 | 47,602 | 99.39% | Passed |
| 2021 | 2021-05-18 | 48,879,809 | 311,770 | 54,194 | 99.37% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-12 | 97.95%a |
| 2025 | 2025-05-13 | 97.58%b |
| 2024 | 2024-05-14 | 98.44%c |
a. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions are not counted as votes "FOR" or "AGAINST" this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 45 : 1 |
|---|---|
| CEO total compensation | $1,857,798 |
| Median employee compensation | $41,022 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-05-05 | D | 189,200 | $66 | $12,445,576 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-05-06 | D | 163,600 | 66 | 10,761,608 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-05-07 | D | 25,000 | 65 | 1,633,250 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-05-08 | D | 86,500 | 66 | 5,716,785 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-05-11 | D | 29,200 | 65 | 1,912,308 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-04 | D | 59,100 | 65 | 3,846,819 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-05 | D | 33,600 | 65 | 2,190,048 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-08 | D | 29,000 | 65 | 1,888,480 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-09 | D | 30,500 | 65 | 1,985,550 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-10 | D | 29,200 | 65 | 1,901,796 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-12 | D | 63,800 | 65 | 4,162,950 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-15 | D | 94,200 | 66 | 6,178,578 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-16 | D | 26,700 | 65 | 1,736,301 | Common | Form 4 ↗ |
| Bruce R. Berkowitz | Greater-than-10% holder | 2026-06-18 | D | 140,400 | 66 | 9,225,684 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (37 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Jorge Gonzalez. DEF 14A, filed 2026-03-31. Section “2025 Summary Compensation Table” · page 28. As printed: 1,857,798. View filing ↗
- Section 01, Marek Bakun. DEF 14A, filed 2026-03-31. Section “2025 Summary Compensation Table” · page 28. As printed: 1,214,104. View filing ↗
- Section 01, Elizabeth Walters. DEF 14A, filed 2026-03-31. Section “2025 Summary Compensation Table” · page 28. As printed: 936,496. View filing ↗
- Section 01, Rhea Goff. DEF 14A, filed 2026-03-31. Section “2025 Summary Compensation Table” · page 28. As printed: 711,307. View filing ↗
- Section 03, Marek Bakun RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Rhea Goff RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Elizabeth Walters RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Jorge Gonzalez RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 03, Jorge Gonzalez RSU. DEF 14A, filed 2026-03-31. Section “Grants of Plan-Based Awards” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-03-31. Section “CEO Pay Ratio”. As printed: 45 : 1. View filing ↗
- Section 08, Howard S. Frank. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, Cesar L. Alvarez. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 125,000. View filing ↗
- Section 08, Thomas P. Murphy Jr. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 125,000. View filing ↗
- Section 08, Elizabeth D. Franklin. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 55,565. View filing ↗
- Section 08, Jorge L. Gonzalez. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Rhea Goff. DEF 14A, filed 2026-03-31. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-05-05. Form 4, filed 2026-05-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-05-06. Form 4, filed 2026-05-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-05-07. Form 4, filed 2026-05-07. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-05-08. Form 4, filed 2026-05-12. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-05-11. Form 4, filed 2026-05-12. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-04. Form 4, filed 2026-06-08. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-05. Form 4, filed 2026-06-08. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-08. Form 4, filed 2026-06-08. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-09. Form 4, filed 2026-06-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-10. Form 4, filed 2026-06-11. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-12. Form 4, filed 2026-06-16. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-15. Form 4, filed 2026-06-16. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-16. Form 4, filed 2026-06-16. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Bruce R. Berkowitz 2026-06-18. Form 4, filed 2026-06-23. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-14. Item 5.07 · say-on-pay result. As reported: 97.95% (votes for as printed: 44,814,589). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-14. Item 5.07 · say-on-pay result. As reported: 97.58% (votes for as printed: 45,259,159). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-17. Item 5.07 · say-on-pay result. As reported: 98.44% (votes for as printed: 45,712,560). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 505,565 + equity 0 + all other 0 = 505,565, summed across the director compensation table rows.
- ST JOE Co. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in ST JOE Co.'s own proxy. As printed: 1,857,798. View filing ↗