Mike Spanos received a $250,000 signing bonus from Delta when he joined the airline as its chief operating officer in June. However, just over a year later, he received double that amount as a signing bonus to become the CEO of Bloomin’ Brands, the parent company of Outback Steakhouse. His initial compensation package for this new role is valued at almost $12.3 million, including perks such as free flights for himself and his family.
Spanos will continue to receive benefits from Delta, including up to $15,000 of complimentary travel and access to the airline’s members-only lounge. He is also eligible for almost $2 million in severance pay under the company’s officer and director severance plan. Additionally, Spanos’s 2023 compensation package at Delta was valued at roughly $8.6 million, including stock awards.
At Bloomin’ Brands, Spanos’s $12.3 million pay package includes a base salary of $1 million, an annual target bonus of $1.75 million, one-time stock awards worth $2.5 million, and an annual equity award valued at $6 million starting in 2025. He will also receive half a million dollars in relocation expenses to help offset the costs incurred in moving from Atlanta to Tampa, where Bloomin’ Brands is based.
Bloomin’ Brands expressed confidence in Spanos’s leadership abilities, noting his experience in operating complex, multi-unit businesses. The company’s board chairman stated that they believe Spanos’s background will benefit their iconic, founder-inspired brands. Spanos is set to assume his new role as CEO on Sept. 3, succeeding former chief executive David Deno, who is retiring after 12 years with the company.
David Deno’s annual compensation last year was valued at about $6.8 million, according to the company’s latest proxy statement. Spanos’s appointment as CEO comes after his successful tenure at Delta and demonstrates the company’s confidence in his ability to lead Bloomin’ Brands. His compensation package reflects his new responsibilities and the value he is expected to bring to the company.
