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2000 CFO Pay: Leucadia’s Treasurer Took a 78 Percent Cut

CFO suffered a 24 percent decline in pay.
Michelle GabrielleMay 17, 2001

Leucadia Executive VP and treasurer Thomas E. Mara earned $825,100 in 2000. This worked out to more than 78 percent less than he took home in 1999, according to the company’s recently released proxy.

Mara enjoyed a $270,000 salary, a $533,000 bonus and $22,100 in other compensation in 2000.

However, in the prior year he was awarded a nearly $3 million bonus. As a result, his total compensation came out to $3.83 million from the New York-based financial services company.

VP and CFO Joseph A. Orlando, who seems to rank below Mara in the executive pecking order at Leucadia, suffered a 24 percent pay cut in 2000.

He took home $628,750 in total compensation–$205,000 in salary, $406,150 in bonus, and $17,600 in other compensation.

In 1999, received $200,000 in salary, $613,167 in bonus, and $18,000 in other compensation. Total Compensation: $831,167.

Directors’ fees from affiliates of the company accounted for $17,000 of Mara’s “other” compensation and $12,500 of Orlando’s.

“Other” pay also came from an annual premium on a term-life insurance policy paid by the company and contributions made by the company toward its defined contribution plan.

In 2000, Leucadia National’s earnings plunged 46 percent to $115 million on a slight increase in revenue to $715.5 million. Earnings were crippled by higher provisions for loan losses, an increase in employees, and higher interest rates for debt.