Noble Group Paid Co-CEO $20 Million as Company Lost Billions

Noble Group Ltd. handed its outgoing co-Chief Executive Officer Jeff Frase a remuneration package worth about $20 million last year, even as the commodity trader slumped to a record loss of almost $5 billion.

The scale of the award, reported in Noble’s annual financial statements last week, is likely to provoke consternation as the embattled trading house attempts to secure agreement from its creditors and shareholders for a restructuring plan that would impose heavy losses.

The remuneration is more than the $15 million that Noble has offered to pay holders of its perpetual bonds, which have a face value of ...