Human Capital & Careers

From Today’s Proxies: Energy CFOs Rake it In

We look at 2000 pay packages for the CFOs at Duke Energy, Baker Hughes, FMC Corp., Berkshire Hathaway, and more.
Michelle GabrielleMarch 19, 2001
  • Duke Energy Corp. CFO and Chief Risk Officer Richard J. Osborne earned $399,996 in salary, $520,195 in bonus, $112,230 in other compensation, and $1,042,500 in exercised options, according to the most recent proxy filed by Charlotte, N.C.-based utility company. Total Compensation: $2,074,921. In the previous year, Osborne took home $366,250 in salary, $244,714 in bonus, and $62,578 in all other compensation. The company’s earnings before interest and taxes doubled to $4 billion on $49.3 billion in sales compared to EBIT of $2 billion on $21.8 billion in revenue during 1999.
  • The CFO for Warren Buffett’s Berkshire Hathaway Inc.,Marc D. Hamburg, earned $362,500 in salary and $30,500 in all other compensation, according to the company’s recently released proxy filing. Total Compensation: $393,000. In the previous year, Hamburg earned $331,250 in salary and $10,000 in all other compensation. According to a March 10 press release, the Omaha, Nebr.- based holding company a net profit for 2000 of $3.328 billion, or $2,185 per share. That compares with $1.557 billion, or $1,025 per share, in 1999.
  • Baker Hughes Inc. CFO and SVP of finance and administration G. S. Finley earned $410,481 in salary, $32,219 in all other compensation, and $683,731 in exercised options, according to the most recent proxy filed by the Houston, Tex.-based provider of products and services for the global petroleum market. Total Compensation: $1,126,431. In the previous year, Finley earned $404,397 in salary and $36,741 in all other compensation.
  • FMC Corp. SVP and CFO William H. Schumann III earned $372,294 in salary, $352,339 in bonus, and $34,244 in all other compensation, according to the company’s recently released proxy filing. Total Compensation: $724,633. In the previous year, Schumann III earned $309,948 in salary, $104,607 in bonus, and $100,703 in all other compensation at the Chicago-based provider of chemicals and equipment to the oil and gas industries. On Feb. 20, FMC announced that a registration statement has been filed with the Securities and Exchange Commission for the initial public offering of shares of common stock of its subsidiary, FMC Technologies, Inc., a newly formed company composed of FMC Energy Systems and FMC Food and Transportation Systems. All shares to be offered will be sold by FMC Technologies. Following completion of the offering, FMC will own more than 80 percent of FMC Technologies common stock.
  • R.H. Donnelley Corp. SVP and CFO Philip C. Danford took home $317,016 in salary, $506,732 in bonus, and $26,750 in all other compensation in the year 2000. Total Compensation: $850,498. In the previous year, Danford earned $300,000 in salary, $161,190 in bonus, and $14,524 in all other compensation. On Feb. 14, R.H. Donnelley Corporation, a marketer of yellow pages and other advertising and marketing services for small and medium-sized businesses, announced full-year 2000 diluted earnings per share of $1.89. That exceeded analysts’ earnings expectations and represented a 17.4 percent increase over diluted earnings per share of $1.61, a year ago. Full-year net income increased by 11.4 percent to $61.5 million, compared with net income of $55.2 million a year ago.
  • Andover Bancorp, Inc. CFO and treasurer Joseph F. Casey earned $152,708 in salary, $42,000 in bonus, and $11,287 in all other compensation, according to the most recent proxy filed by Andover, Mass.-based holding company for Andover Bank. Total Compensation: $205,995. In the previous year, Casey earned $142,769 in salary, $32,000 in bonus, and $8,240 in all other compensation.
  • Alfa Corp. SVP and CFO Stephen G. Rutledge earned $145,103 in salary, $110,183 in bonus, and $5,015 in all other compensation, according to the company’s recently released proxy filing. Total Compensation: $260,301. In 1999, Rutledge took home $123,464 in salary and $105,452 in bonus and other compensation at the Montgomery, Ala.-based insurance provider. According to a Feb. 7 press release, Alfa announced record financial results for 2000. Net income, including investment gains, was $66.8 million, or $1.70 per diluted share for 2000, compared with $64.6 million, or $1.60 per diluted share in 1999, a per share increase of 5.7%.