Former AIG CEO Martin Sullivan netted more than $14 million last year, including a $1 million salary, $3.6 million bonus, $921,876 in stock awards and $2.4 million in option awards. As generous as this sounds, it was actually a bad year for Sullivan, who earned more than $21 million in 2006. But don't worry too much about Sullivan, whowas replaced by Robert Willumstad in June 2008. A new executive severance plan announced in March keeps Sullivan covered with salary and bonuses for 30 months after termination. AIG's 2007 fiscal year ended on December 31.
Bear Stearns' former CEO James Cayne raked in $38.3 million in 2007, including a $250,000 salary, $17 million bonus, $14.8 million in stock awards and $6.2 million in "other compensation." Cayne was outsed as CEO in January 2008, when Alan Schwarz, formerly the president, took over. Schwartz sold the company to JPMorgan Chase in March, after it became clear that the investment bank couldn't survive the ongoing mortgage crisis.
Kenneth Lewis (Bank of America)
CEO Kenneth Lewis, who earned more than $24 million last year. Lewis led Bank of America to buy Merrill Lynch this week after acquiring Countrywide Financial in January. Last year, Lewis earned $1.5 million in salary, $11 million in stock awards, $4.5 million in options and $4.3 million in non-equity incentive plan compensation. His pension earned another $3.2 million, and he got more than $200,000 in other compensation. Meanwhile, industry analysts anticipate thousands of layoffs stemming from the recent Bank of America acquisitions.
Daniel Mudd (Fannie Mae)
Former Fannie Mae CEO Daniel Mudd garnered $11.6 million in total compensation in 2007. He started with a salary of $986,923 and saw a big increase with stock awards of $6.8 million. Mudd also earned $576,492 in option awards, $2.2 million in non-equity incentive plan compensation, and $863,749 due to changes in pension value and nonqualified deferred compensation earnings. Earlier this month, the Federal Housing Finance Agency named Herbert Allison the new CEO of Fannie Mae as part of the government's takeover of it and fellow mortgage financing agency Freddie Mac.
An article I read in the internet which I found very interesting. Thought I should share it with you. It's amazing how much financial CEOs got paid to ruin their companies.
Read more about the article here.
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