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Companies PBF Energy Inc.

PBF Energy (PBF): executive pay, fiscal 2025

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CEO total pay$7,887,020CEO Matthew Lucey · source
Say-on-pay support91.06%Latest vote · source
CEO vs. named peers17th pct.Of 6 peer CEOs
CEO pay ratio41.6:1To the median employee · source

CEO pay, last three years

  • $12,240,872FY2023
  • $8,837,500FY2024
  • $7,887,020FY2025

CEO total pay was $7,887,020 in fiscal 2025, down from $8,837,500 in fiscal 2024.

FY2025: salary $1,250,000 · bonus $312,500 · stock awards $5,767,000 · option awards $0

Executives and directors

Frequently asked questions

Who was the highest-paid executive at PBF Energy Inc. in fiscal 2025?
As disclosed, Matthew Lucey (President and Chief Executive Officer) was the highest-paid executive at PBF Energy Inc. in fiscal 2025, with total compensation of $7,887,020.
How does PBF Energy Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Matthew Lucey's total compensation ranked at the 17th percentile of PBF Energy Inc.'s disclosed peer group.
What is PBF Energy Inc.'s CEO-to-median employee pay ratio?
As disclosed, PBF Energy Inc.'s CEO-to-median employee pay ratio was 41.6:1.
How did shareholders vote on PBF Energy Inc.'s executive compensation?
As disclosed, 91.06% of shareholders supported PBF Energy Inc.'s executive compensation in the latest say-on-pay vote.
How much does PBF Energy Inc. spend in total on board compensation for fiscal 2025?
As disclosed, PBF Energy Inc. reported total board compensation of $2,927,916 for fiscal 2025.

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 officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Matthew Lucey$1,250,000$312,500$5,767,000$0$0$431,397$126,123$7,887,020
President and Chief Executive Officer
T. Paul Davis632,500158,1252,487,42700268,43673,2593,619,747
SVP-Supply, Trading and Optimization
Thomas O'Connor632,500158,1252,487,42700228,96477,7593,584,775
Former SVP-Commodity Risk & Strategy
Trecia Canty632,500158,1252,487,42700217,56273,2593,550,861
SVP-General Counsel
Joseph Marino406,250101,5632,487,4270096,24134,2463,125,727
SVP-Chief Financial Officer
Karen Davis495,0000000186,40368,621750,024
Former SVP- Chief Financial 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 officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Matthew Lucey$7,887,020$8,837,500$12,240,872↓ −950,480
T. Paul Davis3,619,7473,734,2745,385,407↓ −114,527
Thomas O'Connor3,584,7753,693,1055,384,550↓ −108,330
Trecia Canty3,550,8613,697,1675,390,007↓ −146,306
Joseph Marino3,125,727———
Karen Davis750,0243,890,6088,562,834↓ −3,140,584

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 compensation arrangements are designed to ensure that our executives are rewarded appropriately for their contributions to our growth and profitability and that the compensation is demonstrably contingent upon and linked to our sustained success. This linkage encourages the commonality of interests between our executives and our stockholders.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)—
Independent consultantPay Governance LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
Equity grants and outstanding awards

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Thomas O'ConnorPSU2025-10-28————$746,221
T. Paul DavisPSU2025-10-28————746,221
Joseph MarinoPSU2025-10-28————746,221
Trecia CantyPSU2025-10-28————746,221
Matthew LuceyRSU2025-10-28——70,372—2,306,794
Joseph MarinoPSU2025-10-28—18,540—37,080746,235
Joseph MarinoRSU2025-10-28——30,353—994,971
Trecia CantyPSU2025-10-28—18,540—37,080746,235
T. Paul DavisPSU2025-10-28—18,540—37,080746,235
Matthew LuceyPSU2025-10-28—42,984—85,9681,730,106
T. Paul DavisRSU2025-10-28——30,353—994,971
Trecia CantyRSU2025-10-28——30,353—994,971
Thomas O'ConnorRSU2025-10-28——30,353—994,971
Thomas O'ConnorPSU2025-10-28—18,540—37,080746,235
Matthew LuceyPSU2025-10-28————1,730,100

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Thomas O'Connor$994,971$1,492,456$060.0%
T. Paul Davis994,9711,492,456060.0%
Joseph Marino994,9711,492,456060.0%
Trecia Canty994,9711,492,456060.0%
Matthew Lucey2,306,7943,460,206060.0%

% 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

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Joseph MarinoPSU1,089—$32,120
Joseph MarinoRSU2,051—59,981
Joseph MarinoRSU3,426—96,682
Joseph MarinoPSU3,607—102,781
DavisPSU5,748—169,537
Trecia CantyPSU5,748—169,537
Thomas O'ConnorPSU5,748—169,537
DavisPSU6,223—183,547
DavisPSU7,157—215,390
DavisRSU10,634—310,991
Trecia CantyRSU10,634—310,991
Thomas O'ConnorRSU10,634—310,991
DavisRSU11,512—312,205
DavisRSU18,078—510,161
Trecia CantyRSU18,078—510,161
Thomas O'ConnorRSU18,078—510,161
Joseph MarinoRSU18,540—502,805
DavisRSU18,540—502,805
Thomas O'ConnorRSU18,540—502,805
Trecia CantyRSU18,540—502,850
DavisPSU19,036—542,431
Trecia CantyPSU19,036—542,431
Thomas O'ConnorPSU19,036—542,431
DavisRSU19,572—530,793
DavisPSU20,608—587,225
Matthew LuceyPSU22,664—668,475
Joseph MarinoPSU30,353—831,520
DavisPSU30,353—831,520
Trecia CantyPSU30,353—831,520
Thomas O'ConnorPSU30,353—831,520
Matthew LuceyRSU41,927—1,226,155
Matthew LuceyRSU42,984—1,165,726
Matthew LuceyRSU53,089—1,498,172
Matthew LuceyPSU55,902—1,592,927
Matthew LuceyPSU70,372—1,927,841
Director compensation
DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
S. Eugene EdwardsIndependent · Lead Independent Director · Nominating and Corporate Governance Committee · Health, Safety and Environment Committee$165,000$175,000———$340,000
Kimberly S. LubelIndependent · Audit Committee · Health, Safety and Environment Committee155,000175,000———330,000
Spencer AbrahamIndependent · Compensation Committee · Nominating and Corporate Governance Committee150,000175,000———325,000
Lawrence M. ZiembaIndependent · Health, Safety and Environment Committee150,000175,000———325,000
Paul J. Donahue JrIndependent · Compensation (Chair) · Governance143,333175,000———318,333
Georganne HodgesIndependent · Audit Committee130,000175,000———305,000
George E. OgdenIndependent · Audit Committee130,000175,000———305,000
Damian W. WilmotIndependent · Compensation Committee · Nominating and Corporate Governance Committee130,000175,000———305,000
Thomas J. NimbleyNot independent · Board Chair65,000175,000———240,000
Karen B. DavisIndependent · Partial-year service · Newly elected32,500102,083———134,583
Matthew C. LuceyEmployee director · Partial-year service—————0

Board fee structure and ownership guideline

Annual cash retainer$130,000
Annual equity retainer$175,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$3

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,250,833
Equity awards (grant-date value)$1,677,083
All other compensation$0
Total cost of the board$2,927,916

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

Peer group, and who names PBF Energy as a peer

Companies that benchmark against PBF

7 companies name PBF as a compensation peer

Each company listed discloses PBF 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 PBF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

Peer reciprocity

The companies PBF Energy Inc. names as compensation peers that name it back in their own disclosed peer groups.

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.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Valero Energy Corporation2025R. Lane Riggs$1,720,000$15,760,536$0$5,482,810$34,228,523
2Phillips 66 Company2025Mark Lashier1,741,66716,185,20403,734,13423,113,403
3Marathon Petroleum Corporation2025Maryann Mannen1,400,00013,391,32203,303,30019,016,261
4HF Sinclair Corporation2025Timothy Go1,204,6159,977,38202,668,96814,278,553
5CVR Energy2025David Lamp1,200,0001,678,68302,034,0008,602,449
6PBF Energy Inc.2025Matthew Lucey1,250,0005,767,000007,887,020
7Delek US Holdings, Inc.2025Avigal Soreq900,0004,832,19501,895,5447,683,786

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.

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
PBF Energy Inc.not disclosedRestricted Stock 40 · Performance Share Units 30 · Performance Units 30Yes — Relative TSRPay Governance LLC
CVR Energy113%RSU 100not disclosedNone (not engaged in 2025)
Delek US Holdings, Inc.not disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
HF Sinclair Corporation151.8%not disclosedNoMeridian Compensation Partners, LLC
Marathon Petroleum Corporation143%not disclosedYes — Relative TSRFW Cook
Phillips 66 Company134%PSU 70 · RSU 30Yes — Relative TSRMercer
Valero Energy Corporation199.23%PSU 50 · RSU 50Yes — Relative TSRExequity

Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.

Say-on-pay history and pay ratio
Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-04-2888,310,7418,675,183314,28591.06%Passed
20252025-04-2989,414,5739,346,411828,10490.54%Passed
20242024-04-3091,134,8242,513,608101,57897.32%Passed
20232023-05-0383,267,8014,803,341102,11794.55%Passed
20222022-05-2699,421,1961,307,065127,25998.7%Passed
20212021-05-2762,983,4283,051,560143,08995.38%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 yearMeeting dateApproval — company’s computation
20262026-04-2891.06%a
20252025-04-2990.54%b
20242024-04-3097.32%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes cast and have no effect on the proposal.”.

b. Approved under the standard stated in the filing — “Abstentions have no effect on this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions have no effect on 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)41.6 : 1
CEO total compensation$7,887,020
Median employee compensation$189,492
Insider trades since the proxy

No insider equity transactions reported since the proxy statement.

Sources (51 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, Matthew Lucey. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 7,887,020. View filing ↗
  • Section 01, T. Paul Davis. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,619,747. View filing ↗
  • Section 01, Thomas O'Connor. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,584,775. View filing ↗
  • Section 01, Trecia Canty. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE” · page 40. As printed: 3,550,861. View filing ↗
  • Section 01, Joseph Marino. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 3,125,727. View filing ↗
  • Section 01, Karen Davis. DEF 14A, filed 2026-03-17. Section “2025 SUMMARY COMPENSATION TABLE”. As printed: 750,024. View filing ↗
  • Section 03, Thomas O'Connor PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, T. Paul Davis PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Marino PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Trecia Canty PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Lucey RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Marino PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Joseph Marino RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Trecia Canty PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, T. Paul Davis PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Lucey PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, T. Paul Davis RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Trecia Canty RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas O'Connor RSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Thomas O'Connor PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 03, Matthew Lucey PSU. DEF 14A, filed 2026-03-17. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
  • Section 07, pay ratio. DEF 14A, filed 2026-03-17. Section “CEO Pay Ratio”. As printed: 41.6 : 1. View filing ↗
  • Section 08, S. Eugene Edwards. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 340,000. View filing ↗
  • Section 08, Kimberly S. Lubel. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 330,000. View filing ↗
  • Section 08, Spencer Abraham. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 325,000. View filing ↗
  • Section 08, Lawrence M. Ziemba. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 325,000. View filing ↗
  • Section 08, Paul J. Donahue Jr. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 318,333. View filing ↗
  • Section 08, Georganne Hodges. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 305,000. View filing ↗
  • Section 08, George E. Ogden. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 305,000. View filing ↗
  • Section 08, Damian W. Wilmot. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 305,000. View filing ↗
  • Section 08, Thomas J. Nimbley. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 240,000. View filing ↗
  • Section 08, Karen B. Davis. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 134,583. View filing ↗
  • Section 08, Matthew C. Lucey. DEF 14A, filed 2026-03-17. Section “Director Compensation”. As printed: 0. View filing ↗
  • Section 06, 2026 vote. Form 8-K, filed 2026-04-30. Item 5.07 · say-on-pay result. As reported: 91.06% (votes for as printed: 88,310,741). View filing ↗
  • Section 06, 2025 vote. Form 8-K, filed 2025-05-02. Item 5.07 · say-on-pay result. As reported: 90.54% (votes for as printed: 89,414,573). View filing ↗
  • Section 06, 2024 vote. Form 8-K, filed 2024-05-01. Item 5.07 · say-on-pay result. As reported: 97.32% (votes for as printed: 91,134,824). 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 1,250,833 + equity 1,677,083 + all other 0 = 2,927,916, summed across the director compensation table rows.
  • Valero Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-19. CEO total compensation as printed in Valero Energy Corporation's own proxy. As printed: 34,228,523. View filing ↗
  • Phillips 66 Company, Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Phillips 66 Company's own proxy. As printed: 23,113,403. View filing ↗
  • Marathon Petroleum Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-16. CEO total compensation as printed in Marathon Petroleum Corporation's own proxy. As printed: 19,016,261. View filing ↗
  • HF Sinclair Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in HF Sinclair Corporation's own proxy. As printed: 14,278,553. View filing ↗
  • CVR Energy, Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in CVR Energy's own proxy. As printed: 8,602,449. View filing ↗
  • PBF Energy Inc. (subject), Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in PBF Energy Inc.'s own proxy. As printed: 7,887,020. View filing ↗
  • Delek US Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-10. CEO total compensation as printed in Delek US Holdings, Inc.'s own proxy. As printed: 7,683,786. View filing ↗
  • Section 10a, CVR Energy reciprocity. DEF 14A. CVR Energy names PBF Energy Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Delek US Holdings, Inc. reciprocity. DEF 14A. Delek US Holdings, Inc. names PBF Energy Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, HF Sinclair Corporation reciprocity. DEF 14A. HF Sinclair Corporation names PBF Energy Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Phillips 66 Company reciprocity. DEF 14A. Phillips 66 Company names PBF Energy Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
  • Section 10a, Valero Energy Corporation reciprocity. DEF 14A. Valero Energy Corporation names PBF Energy Inc. in its own disclosed peer group (read from its most recent proxy). View filing ↗
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