Human Capital & Careers

2000 CFO Pay: Aetna’s Weber Receives $1.1 Million Bonus

Boeing CFO Sears gets a 150 percent raise, to more than $2.5 million
Michelle GabrielleMarch 23, 2001
  • Aetna Inc.’s CFO and vice chairman for strategy and finance Alan J. Weber earned $750,000 in salary, a $1.1 million bonus, and $45,000 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $1,895,000. In the previous year, Weber earned $750,000 in salary, $750,000 in bonus, and $36,058 in other compensation at the Hartford, Conn.-based managed health care provider. On March 2, Aetna announced it had issued $900 million of new debt consisting of $450 million of 7-3/8 percent bonds due in 2006 and $450 million of 7-7/8 percent bonds due in 2011. The net proceeds from the offering–about $888 million–will be used to reduce currently outstanding commercial paper borrowings. Total revenues for 2000 were $26.8 billion, up from $22.1 billion in 1999. The loss from continuing operations for 2000 was $127.4 million. This compares to 1999 income of $399.4 million.
  • The Boeing Co.’s SVP and CFO Michael M. Sears earned $611,693 in salary, $696,300 in bonus, and $1,272,608 in other compensation, according to the Seattle, Wash.-based company. Total Compensation: $2,580,601. In the previous year, Sears earned $479,770 in salary, $506,900 in bonus, and $30,550 in other compensation, or slightly more than $1 million. Boeing just announced this week that it will move its corporate headquarters from Seattle and diversify into a number of service in industries.
  • PepsiCo’s SVP and CFO Indra K. Nooyi earned $574,519 in salary, $791,090 in bonus, and $7,064 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $1,372,673. In the previous year, Nooyi earned $459,576 in salary, $489,380 in bonus, and $7,871 in other compensation at the Purchase, N.Y.-based soft-drink maker. In 2000, the company’s net income grew 16 percent to over $2.1 billion. Net sales increased 8 percent to $20.1 billion. Total division operating profits grew 13 percent to $3.5 billion.
  • Cigna Corp.’s EVP and CFO James G. Stewart earned $671,900 in salary, $900,000 in bonus, and $74,900 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $1,646,800. In the previous year, Stewart earned $636,500 in salary, $975,000 in bonus, and $75,996 in other compensation at the Philadelphia-based employee benefits organization. Operating income for 2000 was $1.1 billion, up 27 from the prior year. Consolidated revenues for full year 2000 were $20 billion, up 7 percent, from the prior year, excluding the results of discontinued operations.
  • Stryker Corp.’s VP, CFO and secretary David J. Simpson earned $395,417 in salary, $400,000 in bonus, $84,746 in other compensation, and $2,400,260 in exercised options, according to the company’s recently released proxy filing. Total Compensation: $3,280,423. In the previous year, Simpson earned $360,417 in salary, $12,2375,000 in bonus and $75,396 in other compensation at the Kalamazoo, Mich.-based maker of specialty surgical and medical products. Net earnings were $221.0 million for 2000 on revenue of $2.3 billion, as compared to $19.4 million on revenue of $2.1 billion in 1999.
  • Harte-Hanks Inc.’s SVP of finance and CFO James D. Kerrest earned $327,000 in salary, $163,173 in bonus, and $6,800 in other compensation, according to the company’s recently released proxy. Total Compensation: $496,973. In the previous year, Kerrest earned $314,000 in salary, $76,930 in bonus, and $6,400 in other compensation at the San Antonio, Tex.-based direct marketing and advertising company. For 2000, the company earned $82 million on revenue of $961 million, compared to $72.9 million on revenue of $829.8 million in 1999. On March 18, Harte-Hanks Inc. said it expects its earnings per share growth for 2001 to be on the lower end of the 10 percent to 15 percent range it forecast in January, due to continued weakness in the retail sector.
  • MAF Bancorp, Inc.’s EVP and CFO Jerry A. Weberling took home $229,016 in salary, $123,534 in bonus, and $26,984 in other compensation, according to the company’s proxy. Total Compensation: $379,534. In the previous year, Weberling earned $215,935 in salary, $92,589 in bonus, and $19,289 in other compensation at the Clarendon Hills, Ill.-based parent company of Mid America Bank. Net income for the current quarter totaled $13.3 million compared to $13.8 million the year before. Net interest income increased by 5.2 percent from a year ago, totaling $31.5 million for the quarter ended December 31, 2000. Non-interest income decreased slightly, to $8.7 million in the current quarter compared to $9.1 million reported in the fourth quarter of last year.
  • Keyspan Corp.’s SVP and CFO Gerald Luterman earned $318,333 in salary, $120,000 in bonus, $14,596 in other compensation, and $398,352 in exercised options, according to the Brooklyn, N.Y.- based energy services company. Total Compensation: $851,281. In the previous year, Luterman earned $127,308 in salary and $7,593 in other compensation. KeySpan’s consolidated earnings in 2000, excluding restructuring charges, were $323.8 million, as compared to consolidated earnings of $223.9 million in 1999. Higher earnings resulted from solid performances from all of KeySpan’s business segments. The restructuring charges, primarily for early retirement and severance programs relating to the November 8, 2000 acquisitions of Eastern Enterprises and EnergyNorth, amounted to $41.1 million after tax, which reduced consolidated earnings to $282.7 million.
  • VIB Corp.’s EVP and CFO Harry G. Gooding, III earned $146,400 in salary, $16,310 in bonus and other compensation, and $6,905 in exercised options, according to the company’s recently released proxy filing. Total Compensation: $169,615. In the previous year, Gooding, III earned $138,000 in salary, $40,000 in bonus, and $11,851 in other compensation at the El Centro, Calif.-based bank holding company. In 2000, net income soared to $8.6 million on revenue of $97.1 million, compared to $5.9 million on revenue of $70.9 million for 1999.