Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2025-04-08

Tegna (TGNA)

Fiscal year 2024 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.

$9,334,338
David T. Lougee total, FY2024
Former President and Chief Executive Officerhighest-paid officer; CEO Michael Steib: $6,977,504
CEO (Michael Steib) pay percentile vs peers
130:1
CEO-to-median pay ratio
89.7%
Say-on-pay support, latest vote
Companies that benchmark against TGNA
8 companies name TGNA as a compensation peer

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

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
David T. Lougee$645,673$2,150,000$6,050,000$0$58,370$430,295$9,334,338
Former President and Chief Executive Officer
Michael Steib392,308583,5626,000,000001,6346,977,504
President and Chief Executive Officer
Lynn Beall692,885950,0001,750,0000276,388142,9713,812,243
Executive Vice President and Chief Operating Officer of Media Operations
Lauren Fisher327,596235,060950,000001,352,6722,865,328
Former Senior Vice President and Chief Legal Officer
Thomas Cox592,115965,0001,200,0000024,7342,781,849
Senior Vice President and Chief Growth Officer
Julie Heskett531,577450,0001,192,5000055,9522,230,029
Senior Vice President and Chief Financial Officer
Alex Tolston100,00083,836500,00000145,125828,961
Senior Vice President and Chief Legal 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 officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
David T. Lougee$9,334,338
Michael Steib6,977,504
Lynn Beall3,812,2433,857,4792,721,625−45,236
Lauren Fisher2,865,3281,147,003+1,718,325
Thomas Cox2,781,849
Julie Heskett2,230,029
Alex Tolston828,961

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Alex TolstonRSU2024-12-0227,887$500,000
Thomas CoxPSU2024-03-0133,70051,846103,692660,000
Thomas CoxRSU2024-03-0141,731539,999
Lauren FisherRSU2024-03-0133,037427,499
Julie HeskettRSU2024-03-0141,470536,622
David T. LougeeRSU2024-03-01140,2631,815,003
Julie HeskettRSU2024-03-0141,470536,622
Julie HeskettPSU2024-03-0133,48951,522103,044655,875
David T. LougeePSU2024-03-01216,241332,679665,3584,235,004
David T. LougeePSU2024-03-01216,241332,679665,3584,235,004
Lauren FisherPSU2024-03-0126,67941,04582,090522,503
Michael SteibRSU2024-09-01309,5984,000,006
Thomas CoxPSU2024-03-0133,70051,846103,692660,000
Michael SteibPSU2024-09-01102,524157,729315,4582,000,004
Thomas CoxRSU2024-03-0141,731539,999
Lynn BeallRSU2024-03-0160,858787,503
Alex TolstonRSU2024-12-0227,887500,000
Lauren FisherPSU2024-03-0126,67941,04582,090522,503
Lynn BeallPSU2024-03-0149,14675,609151,218962,503
David T. LougeeRSU2024-03-01140,2631,815,003
Julie HeskettPSU2024-03-0133,48951,522103,044655,875
Lynn BeallPSU2024-03-0149,14675,609151,218962,503
Lauren FisherRSU2024-03-0133,037427,499
Lynn BeallRSU2024-03-0160,858787,503
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Alex Tolston$1,000,000$0$00.0%
Thomas Cox1,079,9981,320,000055.0%
Lauren Fisher854,9981,045,006055.0%
Julie Heskett1,073,2441,311,750055.0%
David T. Lougee3,630,0068,470,008070.0%
Michael Steib4,000,0062,000,004033.3%
Lynn Beall1,575,0061,925,006055.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lynn BeallRSU27,356$500,341
Thomas CoxRSU5,669103,686
Thomas CoxRSU41,731763,260
Thomas CoxPSU51,846948,263
Julie HeskettRSU16,354299,115
Julie HeskettPSU51,522942,337
David T. LougeeRSU140,2632,565,410
David T. LougeeRSU33,254608,216
David T. LougeeRSU18,772343,340
Thomas CoxRSU13,643249,530
Lynn BeallRSU26,575486,057
David T. LougeePSU332,6796,084,699
Michael SteibPSU157,7292,884,863
David T. LougeeRSU116,7232,134,862
Lynn BeallPSU75,6091,382,889
David T. LougeeRSU66,4371,215,133
Lynn BeallRSU60,8581,113,093
Julie HeskettRSU41,470758,486
Julie HeskettRSU8,209150,142
Julie HeskettRSU8,186149,722
Thomas CoxRSU7,489136,974
Lynn BeallRSU7,361134,633
Julie HeskettRSU3,29560,266
Thomas CoxRSU16,611303,815
David T. LougeeRSU171,7743,141,749
Michael SteibRSU309,5985,662,547
Lynn BeallRSU24,456447,302
Julie HeskettRSU40,268736,502
David T. LougeeRSU109,4232,001,347
Lynn BeallRSU35,990658,265
Thomas CoxRSU40,268736,502
Thomas CoxRSU13,682250,237
Julie HeskettRSU4,73086,512
Thomas CoxRSU22,486411,269
Lynn BeallRSU13,302243,294
Julie HeskettRSU12,081220,960
05

Incentive-plan design — the Compensation Discussion & Analysis

Pay for performance Compensation should place a heavy emphasis on pay for performance and substantial portions of total compensation should be at risk. Attract, retain and motivate Compensation should help us attract and retain superior executive talent and motivate key employees to ensure our overall success and long-term strength. Fairness and Shareholder Alignment Compensation should be fair to both executives and shareholders and should align the interests of our executives with those of our shareholders.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20242024-04-24135,035,13814,631,082875,82489.7%Passed
20232023-08-17153,264,5836,889,4371,626,44395.7%Passed
20222022-06-21170,939,9744,741,5461,368,39496.55%Passed
20212021-05-07154,728,84127,893,9609,787,17380.42%Passed
20202020-04-30152,992,32838,716,9611,112,04179.34%Passed
20192019-04-25178,520,41910,465,645610,54794.16%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
20242024-04-2489.7%a
20232023-08-1795.7%b
20222022-06-2196.55%c

a. Approved under the standard stated in the filing — “Abstentions, if any, will have no effect on the election of any director, but will have the same effect as votes "against" each of the other five proposals.”.

b. Approved under the standard stated in the filing — “Abstentions, if any, will have no effect on the election of any director or the Frequency Vote on Say on Pay, but will have the same effect as votes "against" each of the other three proposals.”.

c. Approved under the standard stated in the filing — “Abstentions, if any, will have no effect on the election of any director, but will have the same effect as votes “against” each of the other three proposals.”.

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.

07

CEO pay ratio

Ratio (CEO : median employee)130 : 1
CEO total compensation$6,977,504
Median employee compensation
08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Howard D. EliasIndependent · Board Chair · Executive (Chair) · Governance, Public Policy and Corporate Responsibility$291,667$150,000$0$0$10,000$451,667
Stuart J. EpsteinIndependent · Audit (Chair) · Executive · Leadership Development and Compensation151,667150,0000010,000311,667
Scott K. McCuneIndependent · Executive · Governance, Public Policy and Corporate Responsibility · Leadership Development and Compensation (Chair)140,000150,0000010,000300,000
Henry W. McGeeIndependent · Audit · Executive · Governance, Public Policy and Corporate Responsibility (Chair)140,000150,0000010,000300,000
Melinda C. WitmerIndependent · Audit · Leadership Development and Compensation116,667150,0000010,000276,667
Neal B. ShapiroIndependent · Governance, Public Policy and Corporate Responsibility · Leadership Development and Compensation116,667150,0000010,000276,667
Gina L. BianchiniIndependent · Audit · Leadership Development and Compensation116,667150,000000266,667
Karen H. GrimesIndependent · Audit · Governance, Public Policy and Corporate Responsibility · Not standing for re-election116,667150,000000266,667
Catherine DunleavyIndependent · Audit · Newly elected33,333112,500005,400151,233
Denmark WestIndependent · Leadership Development and Compensation · Newly elected33,333112,500000145,833
Michael SteibEmployee director · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$100,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000
Stock ownership guideline$300,000
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$1,256,668
Equity awards (grant-date value)$1,425,000
All other compensation$65,400
Total cost of the board$2,747,068

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

10b

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
1Tegna2024Michael Steib$392,308$6,000,000$0$6,977,504

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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, David T. LougeeDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 9,334,338. Filing ↗machine: t111 · r8 · c42 · span 1249925–1249934
2Section 01, Michael SteibDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 6,977,504. Filing ↗machine: t111 · r1 · c42 · span 1209718–1209727
3Section 01, Lynn BeallDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 3,812,243. Filing ↗machine: t111 · r3 · c42 · span 1221737–1221746
4Section 01, Lauren FisherDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 2,865,328. Filing ↗machine: t111 · r11 · c42 · span 1266409–1266418
5Section 01, Thomas CoxDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 2,781,849. Filing ↗machine: t111 · r6 · c42 · span 1238010–1238019
6Section 01, Julie HeskettDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 2,230,029. Filing ↗machine: t111 · r2 · c42 · span 1215553–1215562
7Section 01, Alex TolstonDEF 14A2025-04-080001104659-25-033034Section “Summary Compensation Table” · page 44. As printed: 828,961. Filing ↗machine: t111 · r7 · c42 · span 1243838–1243845
8Section 03, Alex Tolston RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t96 · r2 · c18 · span 1059312–1059318
9Section 03, Thomas Cox PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r8 · c42 · span 1331112–1331119
10Section 03, Thomas Cox RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r3 · c12 · span 1043124–1043130
11Section 03, Lauren Fisher RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r5 · c12 · span 1047324–1047330
12Section 03, Julie Heskett RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r1 · c12 · span 1038955–1038961
13Section 03, David T. Lougee RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r4 · c12 · span 1045213–1045220
14Section 03, Julie Heskett RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r5 · c39 · span 1313755–1313762
15Section 03, Julie Heskett PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r4 · c42 · span 1308437–1308444
16Section 03, David T. Lougee PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r11 · c42 · span 1348168–1348177
17Section 03, David T. Lougee PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r11 · c42 · span 1348168–1348177
18Section 03, Lauren Fisher PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r13 · c42 · span 1359417–1359424
19Section 03, Michael Steib RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r3 · c39 · span 1302414–1302423
20Section 03, Thomas Cox PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r8 · c42 · span 1331112–1331119
21Section 03, Michael Steib PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r2 · c42 · span 1297093–1297102
22Section 03, Thomas Cox RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r9 · c39 · span 1336430–1336437
23Section 03, Lynn Beall RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r7 · c39 · span 1325095–1325102
24Section 03, Alex Tolston RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t96 · r2 · c18 · span 1059312–1059318
25Section 03, Lauren Fisher PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r13 · c42 · span 1359417–1359424
26Section 03, Lynn Beall PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r6 · c42 · span 1319777–1319784
27Section 03, David T. Lougee RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r12 · c39 · span 1353489–1353498
28Section 03, Julie Heskett PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r4 · c42 · span 1308437–1308444
29Section 03, Lynn Beall PSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r6 · c42 · span 1319777–1319784
30Section 03, Lauren Fisher RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t113 · r14 · c39 · span 1363306–1363313
31Section 03, Lynn Beall RSUDEF 14A2025-04-080001104659-25-033034Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t95 · r2 · c12 · span 1041042–1041048
32Section 07, pay ratioDEF 14A0001104659-25-033034Section “CEO Pay Ratio”. As printed: 130 : 1.machine: span 1896574–1896582
33Section 08, Howard D. EliasDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 451,667. Filing ↗machine: t51 · r3 · c24 · span 603887–603894
34Section 08, Stuart J. EpsteinDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 311,667. Filing ↗machine: t51 · r4 · c24 · span 607390–607397
35Section 08, Scott K. McCuneDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t51 · r6 · c24 · span 614387–614394
36Section 08, Henry W. McGeeDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t51 · r7 · c24 · span 617890–617897
37Section 08, Melinda C. WitmerDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 276,667. Filing ↗machine: t51 · r10 · c24 · span 628441–628448
38Section 08, Neal B. ShapiroDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 276,667. Filing ↗machine: t51 · r8 · c24 · span 621391–621398
39Section 08, Gina L. BianchiniDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 266,667. Filing ↗machine: t51 · r1 · c24 · span 596881–596888
40Section 08, Karen H. GrimesDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 266,667. Filing ↗machine: t51 · r5 · c24 · span 610886–610893
41Section 08, Catherine DunleavyDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 151,233. Filing ↗machine: t51 · r2 · c24 · span 600386–600393
42Section 08, Denmark WestDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 145,833. Filing ↗machine: t51 · r9 · c24 · span 624889–624896
43Section 08, Michael SteibDEF 14A2025-04-080001104659-25-033034Section “Director Compensation”. As printed: 0. Filing ↗
44Section 06, 2024 voteForm 8-K2024-04-250000950170-24-048437Item 5.07 · say-on-pay result. As reported: 89.7% (votes for as printed: 135,035,138). Filing ↗
45Section 06, 2023 voteForm 8-K2023-08-210001193125-23-216989Item 5.07 · say-on-pay result. As reported: 95.7% (votes for as printed: 153,264,583). Filing ↗
46Section 06, 2022 voteForm 8-K2022-06-240001193125-22-181560Item 5.07 · say-on-pay result. As reported: 96.55%. Filing ↗
47Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
48Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
49Section 09b board cost (computed)ComputedcomputedCash 1,256,668 + equity 1,425,000 + all other 65,400 = 2,747,068, summed across the director compensation table rows.machine: formula: Σ = 2,747,068
50Tegna (subject), Section 10b CEO totalDEF 14A2025-04-080001104659-25-033034CEO total compensation as printed in Tegna's own proxy. As printed: 6,977,504. Filing ↗machine: t111 · r1 · c42 · span 1209718–1209727