Human Capital & Careers

More Big Paydays for Finance Chiefs

Comcast's co-CFOs reeled in millions from options. Also: PepsiCo; Sears; Chubb; UST.
Stephen TaubMarch 26, 2004

Comcast Corp.’s co-chief financial officers did very well last year, in large part from two different options programs.

Lawrence Smith, co-CFO and executive vice president, earned $561,334 on Comcast options and more than $4.7 million on QVC options. This includes amounts realized with respect to all option cancellations as well as amounts realized with respect to shares acquired on option exercises in 2003.

Last year Comcast sold QVC, a television shopping channel, for $7.9 billion.

Smith also received a salary of more than $1 million and a bonus worth more than $1 million. Smith’s total earnings last year: $7.7 million.

His co-CFO, John Alcin, fared nearly as well. Alcin’s bonus and salary were each about $200,000 lower; however, he made $1.5 million on Comcast options and another $2 million on QVC options. Alcin’s total earnings last year: $5.6 million.

Elsewhere:

  • PepsiCo president and chief financial officer Indra Nooyi took home nearly $5.7 million last year, including more than $3.3 million in gains from options. Another $125,000 or so was deemed to be the value of personal use of the company’s airplane.
  • Sears chief financial officer Glenn Richter earned $2.1 million, including nearly $1.3 million in restricted stock.

Michael O’Reilly, vice chairman and CFO of insurance giant Chubb Corp., made about $2.5 million. In his case, only a small portion came from options. However, his bonus more than doubled, to $883,000, and his long-term incentive payouts nearly doubled, to about $427,000.

  • Robert T’Alessandro, chief financial officer of UST, which sells wine and smokeless tobacco, earned about $1.8 million, about half from exercising options.