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2U Executive Compensation (FY23)

TWOU · Executive and director compensation, fiscal 2022 to 2023

The paid brief on 2U

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 12, 2026Latest filing (8-K): May 22, 2024
10 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
2U brief$1,500Get the executive brief
265 figures on this page: 256 cited to the filing that reported them, 9 calculated from figures it prints. See the citations
Chief executive, fiscal 2023
◇
Paul Lalljie
Latest say-on-pay support
=
May 20, 2024
Chief executive pay ratio
◇
To the median employee

More on 2U

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2022 to fiscal 2023
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Paul Lalljie: $5,982,634 → $2,786,791 (53.4% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is 2U's chief executive and what were they paid?
Paul Lalljie was paid $2,786,791 in total compensation as Chief Executive Officer for fiscal 2023. Compared with the $5,982,634 reported for fiscal 2022, Lalljie's total was 53.4% lower.
What was 2U's say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.6% of votes cast for or against in favor at the meeting held May 20, 2024 for fiscal 2023.
Which companies are in 2U's peer group?
The disclosed peer group names Adtalem Global Education, Blackbaud, Chegg, Coupa Software and Coursera, among others.
What is 2U's chief executive pay ratio?
The company reported a chief executive pay ratio of 119:1 for fiscal 2023.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Paucek
Former Chief Executive Officer
◇—◇———◇◇
Paul Lalljie
Chief Executive Officer
◇—◇———◇◇
Harsha Mokkarala
Former Chief Revenue Officer
◇—◇———◇◇
Matthew Norden
Chief Financial Officer and Chief Legal Officer
◇—◇———◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Christopher Paucek
Former Chief Executive Officer
Departed during or after this year
◇—◇———◇◇
Paul Lalljie
Chief Executive Officer
◇—◇———◇◇
Matthew Norden
Chief Financial Officer and Chief Legal Officer
◇—◇———◇◇
Harsha Mokkarala
Former Chief Revenue Officer
Departed during or after this year
◇—◇———◇◇
Aaron McCullough
President, Alternative Credential Segment
◇◇◇————◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2023
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Aaron M. McCulloughRSU◇——◇——◇
Christopher J. PaucekPSU◇◇◇—◇—◇
Christopher J. PaucekRSU◇——◇——◇
Christopher J. PaucekPSU◇◇◇—◇—◇
Christopher J. PaucekPSU◇◇◇—◇—◇
Harsha MokkaralaPSU◇◇◇—◇—◇
Harsha MokkaralaPSU◇◇◇—◇—◇
Harsha MokkaralaPSU◇◇◇—◇—◇
Harsha MokkaralaRSU◇——◇——◇
Matthew J. NordenRSU◇——◇——◇
Matthew J. NordenPSU◇◇◇—◇—◇
Matthew J. NordenPSU◇◇◇—◇—◇
Matthew J. NordenPSU◇◇◇—◇—◇
Paul S. LalljiePSU◇◇◇—◇—◇
Paul S. LalljiePSU◇◇◇—◇—◇
Paul S. LalljiePSU◇◇◇—◇—◇
Paul S. LalljieRSU◇——◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2023 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Harsha MokkaralaPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Paul LalljiePSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Matthew NordenPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Christopher PaucekPSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
Option◇—◇04/01/2028
PSU◇◇——
Aaron McCulloughPSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Aaron McCullough
President, Alternative Credential Segment · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Christopher Paucek
Former Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Harsha Mokkarala
Former Chief Revenue Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Matthew Norden
Chief Financial Officer and Chief Legal Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Paul Lalljie
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2024 filing
Severance multiple◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇

Director compensation

What each non-employee director was paid.
Fiscal 2023
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paul A. Maeder
Board chair
◇◇————◇
Timothy M. Haley
◇◇————◇
Robert M. Stavis
◇◇————◇
Coretha M. Rushing
◇◇————◇
Edward S. Macias
◇◇————◇
John M. Larson
◇◇————◇
Earl Lewis
◇◇————◇
Gregory K. Peters
◇◇————◇
Alexis Maybank
◇◇————◇
Sallie L. Krawcheck
◇◇————◇
Paul S. Lalljie served on the board in fiscal 2023 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Board chair premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2023
  • Adtalem Global Education symbol not shown
  • Blackbaud BLKB
  • Chegg CHGG
  • Coupa Software COUP
  • Coursera COUR
  • Grand Canyon Education LOPE
  • Guidewire Software GWRE
  • Laureate Education LAUR
  • LivePerson LPSN
  • New Relic NEWR
  • Paylocity Holdings PCTY
  • PowerSchool Holdings, Inc. PWSC
  • Ring Central symbol not shown
  • Strategic Education STRA
  • Stride LRN
  • Verint Systems VRNT
  • Workiva WK

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2023May 20, 2024=◇◇◇
2022June 6, 2023=◇◇◇
2021June 8, 2022=◇◇◇
2020June 3, 2021=◇◇◇
2019June 23, 2020=◇◇◇
2018June 26, 2019=◇◇◇
2017June 26, 2018=◇◇◇
2016June 5, 2017=◇◇◇
2015June 7, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact 2U disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where 2U sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
265 figures on this page: 256 cited to the filing that reported them, 9 calculated from figures it prints.
256 cited to the filing
9 calculated from the filing

Documents cited

  1. 0001459417-24-000047
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001459417-24-000026
    CEO Pay Ratio · Compensation Discussion and Analysis · Director compensation · EXECUTIVE COMPENSATION · and 2 more sections
  3. 0001193125-23-164428
    Item 5.07. Submission of Matters to a Vote of Security Holders.
  4. 0001193125-22-172004
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-21-183140
  6. 0001104659-20-076848
  7. 0001104659-19-038018
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001104659-18-042583
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001341004-17-000361
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001104659-16-126250
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “2U executive compensation, FY2022–FY2023.” https://intel.velarion.ai/comp/TWOU (accessed 2026).
Short form: data: Velarion

The paid brief for 2U

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
10 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers 2U discloses

The companies named in TWOU's own disclosed peer group.

BlackbaudCheggCoupa SoftwareCourseraGrand Canyon EducationGuidewire SoftwareLaureate EducationLivePersonNew RelicPaylocity HoldingsPowerSchool Holdings, Inc.Strategic EducationStrideVerint SystemsWorkiva

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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