A month after announcing a long-awaited return to profitability , Wayfair is approving a new compensation package for its chief executive that could be worth more than $1 billion—or could amount to nothing if certain milestones and requirements are not met.

Niraj Shah, who's been in the top role since co-founding the Boston online retailer (NYSE: W) in 2002, ranked near or at the bottom of the Business Journal's list of highest-paid tech CEOs in Massachusetts in 2023 , 2022 and 2021 . His total compensation was under $1 million for the past four years.

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