Conseco’s recent climb out of bankruptcy didn’t stop the $1.5 billion financial-services company from shelling out big bucks to its top finance executives.
According to its recently released proxy, Conseco—which emerged from Chapter 11 protection in September 2003—paid CFO Eugene Bullis more than $8.6 million last year. This included a $2.4 million bonus and about $5.5 million in restricted stock. Bullis joined the company in July 2002,
Meanwhile, Chief Accounting Officer John Kline earned more than $1.5 million, including a bonus of more than $1 million.
Elsewhere, Intel’s CFO Andy Bryant took home nearly $3.8 million in 2003. More than 70 percent of his compensation came from exercising stock options and selling the underlying shares.
Bristol Myers Squibb CFO Andrew Bonfield also received a pay package worth $3.8 million, including more than $1.5 million the company incurred to relocate him from the United Kingdom. Company officials note that the moving costs were included as part of the CFO’s compensation package even though the payout was made to a third-party relocation vendor in connection with the sale of Bonfield’s home.
In addition, Richard Vaughan, CFO of insurer Lincoln National Corp., earned more than $3.2 million, including a bonus of more than $1.5 million, double the prior year’s bonus.