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2000 CFO Pay: Trump’s McCarthy Received a Small Raise to $330,000

Also, the compensation for the CFOs at Broadcom, Internet.com and Yankee Candle
Michelle GabrielleMay 1, 2001

Trump Hotels & Casino Resorts, Inc.’s EVP of corporate finance and CFO Francis X. McCarthy, Jr. took home $337,920 in total compensation in 2000, according to the company’s recently released proxy.

He received $333,120 in salary and $4,800 in other compensation from the Atlantic City, N.J.-based casino and resort owner.

In 1999, McCarthy received $320,073 in salary and $4,800 in other compensation. Total Compensation: $324,873.

In both years, “other compensation” represented vested and unvested contributions made by the company toward its savings plan.

McCarthy, 48, has been serving as EVP of corporate finance and CFO for the company since September 1998. He has also held several executive and financial positions—including CFO—at the company or its affiliates since October 1996. McCarthy previously served in a variety of financial positions for Greate Bay Hotel and Casino, Inc. from June 1980 through August 1990.

Heavily indebted Trump’s stock is currently kicking around $2, way down from the $30s in 1996.

In other 2000 compensation news:

  • Yankee Candle Co., Inc.’s SVP of finance and CFO Robert R. Spellman took home $269,563 in total compensation, most of it from salary, according to the company’s recently released proxy.

In 1999, Spellman received $230,000 in salary, $80,500 in bonus, and $20,497, which consisted of matching contributions made by the company for $20,000 under the company’s executive deferred compensation plan and $497 toward a life insurance premium. Total Compensation: $330,997.

Spellman joined Yankee Candle in November 1998 as SVP of finance and CFO. Prior to that, he was SVP of finance of Staples, Inc. from 1988 through 1994, and CFO of Star Markets Co., Inc. from 1994 through 1998.

According to Spellman’s employment agreement with Yankee Candle, he is entitled to receive a base salary of $230,000 per year and is eligible to receive a target bonus equal to 35 percent of base salary under the executive bonus plan. He also has the right to purchase 544,614 shares of common stock, and to receive a one-time signing bonus of $500,000, which he would have had to repay if he left voluntarily or was terminated for cause prior to May 9, 2000.

In 2000, Yankee Candle earned $43.6 million on revenue of $338.8 million, compared to $31.1 million on revenue of $256.6 million in 1999.

  • Broadcom Corp.’s VP and CFO William J. Ruehle took home $139,936 , according to the company’s recently released proxy.

He received $110,000 in salary and $29,936 in other compensation from the Irvine, Calif.-based broadband company.

In 1999, Ruehle took home $110,000 in salary and $38,815 in other compensation. Total Compensation: $148,815.

For both years, “other compensation” represented reimbursement for the interest expense on a $467,500 full-recourse promissory note delivered by Ruehle to the company in July 1997 in connection with the exercise of a stock option, plus a tax gross-up for the portion included as taxable income.

Before joining Broadcomin 1997, Ruehle was EVP and CFO at Bay Networks. During his 10 years at Bay Networks, he was responsible for leading the 1994 merger between SynOptics and Wellfleet that created Bay Networks, which at the time was the largest merger ever in the networking industry.

Ruehle received an undergraduate degree in Economics from Allegheny College and an MBA from Harvard Business School.

  • Internet.com Corp.’s CFO Christopher J. Baudouin took home $148,846 in total compensation last year, according to the company’s recently released proxy.

In 1999, Baudouin received $119,654 in salary from the Danbury, Conn.- based Internet industry news publisher.

Baudouin has been CFO of Internet.com since its inception. Prior to that, he served as CFO of Mecklermedia and was a manager with Arthur Andersen LLP.

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