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2000 CFO Pay: $2.9 Million for Dynergy’s Doty

Also: Level 3 Communications, MP3, report CFO salaries.
Michelle GabrielleApril 25, 2001
  • Dynegy SVP and CFO Robert D. Doty, Jr. took home about $2.9 million last year, including over $2 million in options, according to the Houston, Tex.-based energy company’s recently released proxy.

In 2000, Doty exercised exactly $2,120,760 in options. He also received $253,125 in salary, $493,000 in bonus, and $28,573 in other compensation. Total Compensation: $2,895,458.

In 1999, Doty received $199,349 in salary, $163,950 in bonus, and $26,000 in other compensation. Total Compensation: $389,299.

In both years, “other compensation” represents company contributions toward its savings plan.

Doty was named CFO of Dynegy in May 2000. He previously served as the company’s SVP of finance. Prior to joining Natural Gas Clearinghouse, the predecessor of Dynegy, in 1991, Doty was a senior manager with Arthur Andersen & Company, where he began work in 1981 as a member of the tax staff.

Doty’s current base salary is $310,000. He was paid a signing bonus of $25,000. On Jan. 19, 2001, he was awarded a grant of options to purchase 60,000 shares of common stock with an exercise price of $47.19 per share. The employment agreement contains non-compete provisions in the event that Doty’s employment is terminated.

In 2000, Dynegy earned $501 million on revenue of $29.4 billion, compared to $151.8 million on revenue of $15.4 billion in 1999.

For the year, Dynegy’s common stock was one of the top performers among Standard & Poor’s 500 companies with a total shareholder return of 218 percent.

In a recent press release, Dynegy’s chairman and CEO Chuck Watson said, “2000 was an exceptional year for the company with all business segments executing very well. We significantly advanced the company’s competitive position through the closing of the Illinova merger and the completion of three greenfield power projects totaling 1,055 megawatts. The closing of two acquisitions totaling more than 3,000 megawatts during the first half of this year and the development of three additional greenfield power projects totaling 1,165 megawatts by this summer will ensure that our growth performance will continue into 2001 and beyond.”

  • Level 3 Communication’s CFO Sureel A. Choksi took home just over $500,000 last year.

In 2000, Choksi received $206,667 in salary, $260,000 in bonus, and $42,440 in other compensation from the Broomfield, Colo.-based fiber optics carrier. Total Compensation: $509,117.

In 1999, Choksi took home $128,846 in salary, $120,000 in bonus, and $46,999 in other compensation. Total Compensation: $295,845.

Prior to being named CFO, Choksi served as Level 3’s group VP of corporate development since January 2000, and VP and treasurer since January 1999. Before joining Level 3, Choksi was with TeleSoft Management, LLC, a venture capital firm, and Gleacher & Company, an investment-banking firm.

In 2000, Level 3 experienced a loss of $1.5 billion with revenue of $1.2 billion. In 1999, the company had a loss of $487 million with revenue of $515 million.

In a recent press release, the firm reported a 49 percent decrease in net income for this year’s first quarter compared to the same quarter last year, and cut revenue estimates for 2001 and 2002, blaming a soft economy and slowing consumer demand.

  • Last year, MP3 EVP and CFO Paul L. H. Ouyang received $516,160 in total compensation.

He received $246,160 in salary and $270,000 in bonus from the San Diego, Calif.-based Internet music service provider.

In 1999, Ouyang took home $151,768 in salary, $180,000 in bonus, and $41,680 in relocation and housing expenses.

Ouyang joined mp3.com on February 19, 1999 as EVP and CFO.

MP3.com’s net revenues for 2000 were $80.1 million, representing a 266 percent increase over net revenues of $21.9 million in 1999. Net loss for 2000 was $279.5 million, compared with a net loss in 1999 of $42.5 million.