CEO Jorge Gonzalez was paid $1,857,798 in fiscal year 2025, ↑ up 6.4% from fiscal year 2024 (SEC filing 0001140361-26-012328 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$1,857,798 ↑ Jorge Gonzalez total, FY2025 | — CEO pay percentile vs peers | 45:1 CEO-to-median pay ratio | 97.95% Say-on-pay support, latest vote |
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JOE's next annual pay disclosure, estimated March 30, 2027.est. Filing ↗
| 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.
| 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.
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$1,857,798 Jorge Gonzalez total, FY2025
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Data as of June 23, 2026 · Source: 0001140361-26-012328 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).
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One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Cesar L. Alvarez | Independent Director | $125,000 |
| Elizabeth D. Franklin | Independent Director | $55,565 |
| Howard S. Frank | Lead Independent Director | $200,000 |
| Thomas P. Murphy Jr | Independent Director | $125,000 |
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.
| 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 |
| 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.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Marek Bakun | RSU | 3,004 | — | $178,347 |
| Jorge Gonzalez | RSU | 4,361 | — | 258,913 |
| Elizabeth Walters | RSU | 1,387 | — | 82,346 |
| Elizabeth Walters | RSU | 2,302 | — | 136,670 |
| Rhea Goff | RSU | 1,862 | — | 110,547 |
| Marek Bakun | RSU | 2,771 | — | 164,514 |
| Jorge Gonzalez | RSU | 3,612 | — | 214,444 |
| Jorge Gonzalez | RSU | 5,760 | — | 341,971 |
| Jorge Gonzalez | RSU | 5,418 | — | 321,667 |
| Jorge Gonzalez | RSU | 3,332 | — | 197,821 |
| Elizabeth Walters | RSU | 2,495 | — | 148,128 |
| Jorge Gonzalez | RSU | 1,920 | — | 113,990 |
| Rhea Goff | RSU | 1,750 | — | 103,898 |
| Marek Bakun | RSU | 1,640 | — | 97,367 |
| Rhea Goff | RSU | 1,035 | — | 61,448 |
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 |
| 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.
| 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.
| Ratio (CEO : median employee) | 45 : 1 |
|---|---|
| CEO total compensation | $1,857,798 |
| Median employee compensation | $41,022 |
| 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 |
| 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 | — |
| 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.
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.
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.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Jorge Gonzalez | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “2025 Summary Compensation Table” · page 28. As printed: 1,857,798. Filing ↗machine: r2 · c18 · span 439625–439634 |
| 2 | Section 01, Marek Bakun | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “2025 Summary Compensation Table” · page 28. As printed: 1,214,104. Filing ↗machine: r5 · c18 · span 448617–448626 |
| 3 | Section 01, Elizabeth Walters | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “2025 Summary Compensation Table” · page 28. As printed: 936,496. Filing ↗machine: r8 · c18 · span 457850–457857 |
| 4 | Section 01, Rhea Goff | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “2025 Summary Compensation Table” · page 28. As printed: 711,307. Filing ↗machine: r11 · c18 · span 466982–466989 |
| 5 | Section 03, Marek Bakun RSU | DEF 14A | 1900-01-01 | 0001140361-26-012328 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗ |
| 6 | Section 03, Rhea Goff RSU | DEF 14A | 1900-01-01 | 0001140361-26-012328 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗ |
| 7 | Section 03, Elizabeth Walters RSU | DEF 14A | 1900-01-01 | 0001140361-26-012328 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗ |
| 8 | Section 03, Jorge Gonzalez RSU | DEF 14A | 1900-01-01 | 0001140361-26-012328 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 503209–503216 |
| 9 | Section 03, Jorge Gonzalez RSU | DEF 14A | 1900-01-01 | 0001140361-26-012328 | Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 505866–505873 |
| 10 | Section 07, pay ratio | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “CEO Pay Ratio”. As printed: 45 : 1. Filing ↗machine: span 624117–624121 |
| 11 | Section 08, Howard S. Frank | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 200,000. Filing ↗machine: t129 · r3 · c3 · span 343150–343333 |
| 12 | Section 08, Cesar L. Alvarez | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 125,000. Filing ↗machine: t129 · r2 · c3 · span 341466–341649 |
| 13 | Section 08, Thomas P. Murphy Jr | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 125,000. Filing ↗machine: r5 · c3 · span 346481–346663 |
| 14 | Section 08, Elizabeth D. Franklin | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 55,565. Filing ↗machine: t129 · r4 · c3 · span 344853–345075 |
| 15 | Section 08, Jorge L. Gonzalez | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 16 | Section 08, Rhea Goff | DEF 14A | 2026-03-31 | 0001140361-26-012328 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 17 | Section 02, Bruce R. Berkowitz 2026-05-05 | Form 4 | 2026-05-07 | 0000919574-26-002738 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Bruce R. Berkowitz 2026-05-06 | Form 4 | 2026-05-07 | 0000919574-26-002738 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Bruce R. Berkowitz 2026-05-07 | Form 4 | 2026-05-07 | 0000919574-26-002738 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Bruce R. Berkowitz 2026-05-08 | Form 4 | 2026-05-12 | 0000919574-26-002888 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Bruce R. Berkowitz 2026-05-11 | Form 4 | 2026-05-12 | 0000919574-26-002888 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Bruce R. Berkowitz 2026-06-04 | Form 4 | 2026-06-08 | 0000919574-26-003909 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Bruce R. Berkowitz 2026-06-05 | Form 4 | 2026-06-08 | 0000919574-26-003909 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Bruce R. Berkowitz 2026-06-08 | Form 4 | 2026-06-08 | 0000919574-26-003909 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Bruce R. Berkowitz 2026-06-09 | Form 4 | 2026-06-11 | 0000919574-26-003939 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Bruce R. Berkowitz 2026-06-10 | Form 4 | 2026-06-11 | 0000919574-26-003939 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Bruce R. Berkowitz 2026-06-12 | Form 4 | 2026-06-16 | 0000919574-26-004000 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 02, Bruce R. Berkowitz 2026-06-15 | Form 4 | 2026-06-16 | 0000919574-26-004000 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 29 | Section 02, Bruce R. Berkowitz 2026-06-16 | Form 4 | 2026-06-16 | 0000919574-26-004000 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 30 | Section 02, Bruce R. Berkowitz 2026-06-18 | Form 4 | 2026-06-23 | 0000919574-26-004079 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 31 | Section 06, 2026 vote | Form 8-K | 2026-05-14 | 0001104659-26-061171 | Item 5.07 · say-on-pay result. As reported: 97.95% (votes for as printed: 44,814,589). Filing ↗ |
| 32 | Section 06, 2025 vote | Form 8-K | 2025-05-14 | 0001558370-25-007750 | Item 5.07 · say-on-pay result. As reported: 97.58% (votes for as printed: 45,259,159). Filing ↗ |
| 33 | Section 06, 2024 vote | Form 8-K | 2024-05-17 | 0001558370-24-008418 | Item 5.07 · say-on-pay result. As reported: 98.44% (votes for as printed: 45,712,560). Filing ↗ |
| 34 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 35 | 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).machine: formula: sums + PSU ratio |
| 36 | Section 09b board cost (computed) | Computed | — | — | Cash 505,565 + equity 0 + all other 0 = 505,565, summed across the director compensation table rows.machine: formula: Σ = 505,565 |
| 37 | ST JOE Co. (subject), Section 10b CEO total | DEF 14A | 2026-03-31 | 0001140361-26-012328 | CEO total compensation as printed in ST JOE Co.'s own proxy. As printed: 1,857,798. Filing ↗machine: r2 · c18 · span 439625–439634 |
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