Human Capital & Careers

CFO Pay: BofA’s Hance Tops $24 Million

Plus other compensation news from the finance front on Fannie Mae's Howard; Amphenol's Jepsen; and Equity One's Sipzen.
Stephen TaubApril 27, 2004

Bank of America chief financial officer James Hance Jr., earned more than $24 million in 2003.

The finance exec received a salary of $1.25 million and a cash bonus of $4.125 million, the same as the prior year. Hance, who headed a list of best-paid CFOs for 2002, was also awarded nearly $6.2 million in restricted stock. More than half of his compensation, however, came from more than $12.7 million on realized gains from exercised stock options.

Fannie’s Mae chief financial officer and vice chairman, Timothy Howard, didn’t fare too shabbily either, despite the mortgage giant’s involvement in an accounting controversy. Howard’s salary and bonus came to more than $1.8 million, roughly 50 percent more than he received the prior year. He also fetched $3.47 million in long-term incentive payouts and cashed in nearly $2.7 million in options. His total 2003 pay package: $8 million.

E.G. Jepsen, chief financial officer of Amphenol Corp., realized nearly $9.3 million in gains from exercising stock options in 2003. Jepsen also received a salary of $535,500 and a bonus of about $257,000.

The compensation package of Howard Sipzner, chief financial officer of Equity One, exceeded $2.6 million last year. This includes nearly $1.7 million in restricted stock and $581,000 from exercising options.