Human Capital & Careers

2000 CFO Pay: McGraw-Hill CFO Takes in $2.3 Million

Also, what American Financial Holdings, Keycorp, and other CFOs made in Y2K.
Ed Zwirn and Michelle GabrielleMarch 26, 2001
  • Mcgraw-Hill Companies EVP and CFO Robert J. Bahash earned $605,000 in salary for 2000, plus a $770,000 bonus, $20,789 in other annual compensation, $48,000 of securities underlying options, $780,262 of long-term incentive payouts and $127,032 of other compensation for a grand total of $2,351,083. This is a marked decrease from 1999’s $2,556,857 tally, which consisted of $575,000 salary, $700,000 bonus, $24,388 other annual compensation, $183,518 securities underlying options, $1,081,168 long-term incentive payouts, and $104,783 of other compensation.
  • Look who increased his holdings: American Financial Holdings SVP, Treasurer and CFO Charles J. Boulier III’s take was up in 2000. Boulier took in $185,000 salary, $74,000 bonus, $2,470,240 in restricted stock awards, $170,000 in securities underlying options, and $61,414 in other compensation last year, for a Total $2,960,654. This was a more than tenfold increase from the $248,256 the CFO got from the firm in 1999, consisting of $163,031 salary, $64,480 bonus and $20,745 bonus. The New Britain, Conn.-based firm reported that its net income for 2000, at $31.1 million, was 97.9 percent higher than its 1999 adjusted net income.
  • Keycorp’s senior EVP and CFOK. Brent Somers earned $445,000 in salary and $300,000 in bonus, according to the company’s recently released proxy filing. Total Compensation: $745,875. In the previous year, Somers earned $437,500 in salary and $$275,000 in bonus at the Cleveland, Ohio-based bank holding and financial services company. In 2000, Keycorp earned $1 billion on revenue of $8.5 billion, compared with $1.1billion on revenue of $8 billion in 1999.
  • Louisiana Pacific Corp.’s VP, CFO and treasurerCurtis M. Stevensearned $281,346 in salary and $24,038 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $305,384. In the previous year, Stevens earned $234,731 in salary, $180,180 in bonus, and $17,191 in other compensation at the Portland, Oreg.-based maker of building and lumber products. Year-end 2000 results were a net loss of $14 million, compared to income in 1999 of $217 million. “Very weak building products prices have continued to affect our results,” said Mark A. Suwyn, LP’s chairman and CEO. During the fourth quarter, the company reduced its workforce by 15 percent, approximately 1,800 employees.
  • Ducommun Inc.’s VP and CFOJames S. Heiser earned $191,350 in salary and $3,400 in bonus, according to the company’s recently released proxy filing. Total Compensation: $194,750. In the previous year, Heiser earned $185,000 in salary and $12,958 in bonus at the Long Beach, Calif.-based maker of components and assemblies for aircraft. Sales for 2000 were $165.7 million, compared to $146.1 million for 1999. Net income for the year was $12.7 million, compared to $13.4 million the prior year.
  • Torchmark Corp.’s EVP and CFO Gary L. Coleman earned $320,000 in salary, $95,000 in bonus and $5,100 in other compensation, according to the Birmingham, Ala.-based financial services holding company. Total Compensation: $420.100. In the previous year, Coleman earned $300,000 in salary, $30,000 in bonus, and $4,800 in other compensation. In 2000, the company’s net operating income was $365 million, up 12 percent from $341 million for the prior year.
  • Cleveland-Cliffs Inc.’s SVP of financeCynthia B. Bezik earned $220,417 in salary, $45,325 in bonus, and $66,525 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $332,267. In the previous year, Bezik earned $191,667 in salary, $30,000 in bonus, and $7,858 in other compensation at the Cleveland, Ohio-based producer of iron ore pellets. In 2000, the company’s net income was $18.1 million on revenue of $113.8 million. In 1999, net income was $4.8 million on revenue of $150 million.
  • Mahaska Investment Co.’s EVP and CFODavid A. Meinert earned $135,700 in salary, $9,072 in bonus, and $10,450 in other compensation, according to the company’s recently released proxy filing. Total Compensation: $155,222. In the previous year, Meinert earned $129,580 in salary and $9,734 in other compensation at the Oskaloosa, Iowa-based bank and thrift holding company. For 2000, the company earned $4 million on revenue of $41.4 million, compared to $2.2 million on revenue of $30.8 million in 1999.

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