H&R Block’s new CEO Jeff Jones will collect a $995,000 annual salary and a $950,000 signing bonus to join the Kansas City-based tax preparation company.
Jones had been president of Uber until walking out in March amid turmoil at the ride sharing service company. He had been on duty for about six months.
Jones, 49, starts at Block on Oct. 9. His contract specifies that he would have to repay the signing bonus if he left the job before Feb. 21, which is about four and a half months from his start date.
The company also has provided Jones with options to buy 273,905 shares of H&R Block at $29.73 each. That was the stock’s closing price Monday before the company announced his new job. Jones’ options would increase in value as shares trade for more than $29.73.
Block shares closed Wednesday at $30.07.
Jones also received 138,749 restricted shares of H&R Block that the company valued at $4.125 million. The restrictions limit when Jones gains the ability to sell the shares.
He could collect an additional $3.812 million worth of Block shares, under a long-term incentive plan, based partly on the company’s performance.
By comparison, Jones’ starting pay is slightly higher than Block CEO Bill Cobb earned three years ago. Cobb earned a $984,948 salary in the company’s fiscal year that ended in April 2015. He earned a salary of $1,003,201 in the fiscal year that ended in April 2017.
As chief marketing officer of Target Corp. in 2014, Jones had earned a $700,000 salary and received a $290,000 bonus. The amount of his pay at Uber was not available.