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2000 CFO Pay: Boston Scientific’s Best Earned More than $1 Million

Received $368,000 in restricted stock. Also, the compensation for three other CFOs.
Michelle GabrielleApril 10, 2001

Boston Scientific Corp. SVP of finance and administration and CFO Lawrence C. Best took home a tad more than $1 million in 2000, according to the company’s recently released proxy.

In 2000, Best earned $415,001 in salary, $249,001 in bonus, and $7,113 in other compensation. He also received $368,000 in restricted stock from the Natick, Mass.-based medical supplies manufacturer. Total Compensation: $1,039,115.

In 1999, he earned $397,000 in salary, $235,290 in bonus, and $6,458 in other compensation. Total Compensation: $638,748.

Last year, the company’s sales slipped 6 percent to $2.66 billion while net income was flat, at $373 million.

In other recently released compensation:

  • Answerthink, Inc.’s EVP and CFO John F. Brennan earned a total of $350,000 last year, including a $50,000 bonus, according to the Miami company’s recently released proxy.

In 1999, he earned $280,000 in salary and $40,000 in bonus at the provider of technology-enabled business transformation solutions. Total Compensation: $320,000.

Brennan, 43, joined Answerthink back in 1997 as the company’s EVP of acquisitions and strategic planning and secretary, until he was named chief administrative officer in January 1999. Within that same year, October 1999, he was promoted to CFO.

Prior to joining Answerthink, Brennan was employed at Ryder System, Inc., most recently as VP and treasurer.

Answerthink’s net revenues for 2000 increased to $311.1 million, up 19 percent from $260.5 million in 1999. Net income swelled to $7.9 million from $1.1 million in 1999. The company says that the increase in sales is attributed to client engagements, strategic alliances, and established benchmarking and research initiatives throughout the year.

  • Reckson Associates Realty Corp. paid its EVP, CFO, and treasurer Michael Maturo more in bonus than they did in salary last year, according to the company’s recently released proxy.

In 2000, Maturo received $400,000 in salary and $500,000 in bonus, from the Melville, N.Y.-based real estate investment trust. Total Compensation: $900,000.

The year before, he earned $375,000 in salary and $375,000 in bonus. Total Compensation: $750,000.

As part of his original employment and non-competition agreement entered into in 1995, the company made a $400,000 non-recourse loan to Maturo in order to finance his purchase of an equity interest in the company. On each of the first four anniversaries of the loan, $100,000 of the outstanding principal amount was forgiven by the company. The company made non-recourse loans to Maturo in an amount equivalent to his resulting tax liability, which in turn is forgiven (together with accrued interest thereon and on the loan) over the sixth through eighth anniversaries of the date the loan was made.

Maturo, 39, joined Reckson Associates as EVP, CFO, and treasurer in 1995. Prior to that, he was a senior manager at E&Y Kenneth Leventhal Real Estate Group (formerly Kenneth Leventhal & Co.), a public accounting and consulting firm.

In 2000, the company earned $114.4 on $509.9 in revenue, as compared to $84.6 on $403.2 in revenue in 1999.

  • Former Getty Images, Inc. CFO Christopher J. Roling exercised more than $700,000 in options last year, boosting his total 2000 compensation to more than $1.1 million.

According to the company’s recently released proxy, Roling earned $169,590 in salary, $82,500 in bonus, and $168,811 in other compensation in 2000. He also took home $708,379 in exercised options, bringing his total compensation to $1,129,280.

In 1999, Roling received $205,061 in salary, $32,000 in bonus, and $93,035 in other compensation. Total compensation: $330,096.

On May 3, 2000, Roling agreed to resign as CFO, effective May 10, 2000. Under this agreement, Roling continued to be paid through July 1, 2000, and received other benefits until that time. Roling also continued to serve as a consultant to the company until December 31, 2000 for which he was paid $50,000 and received a pro rata bonus in the amount of $82,500.

In October 2000, Liz Huebner was named the company’s new SVP and CFO. Prior to joining the company, Huebner was EVP and CFO for Primus Knowledge Solutions, Inc.

In 2000, Getty Images, an E-commerce provider of electronic imagery and related products and services, nearly doubled revenues, to $484.8 million. After tax cash flow per share for the year was $1.39, compared with 80 cents per share in 1999.