Human Capital & Careers

Fannie Interim CFO Earned Nearly $9 Million

Long-term awards account for most of Levin's take-home pay. Toll Brothers and Toro Co. release compensation numbers, too.
Stephen TaubFebruary 10, 2006

Robert Levin, who spent most of 2005 as interim chief financial officer of Fannie Mae, earned nearly $9 million for the year.

Levin, who in November was appointed Fannie’s first chief business officer when the company named Bob Blakely as CFO, received a salary of $750,000 and a bonus of slightly more than $1.8 million, according to a recent regulatory filing. Levin also received nearly $6.4 million in long-term incentive awards, including $2.1 million in cash and restricted stock valued at nearly $4.3 million that vests 25 percent per year, beginning in January 2007.

Elsewhere, among recently filed proxies, Joel H. Rassman, chief financial officer for luxury homebuilder Toll Brothers, took home about $18.5 million last year. He received a $1 million salary and a $1 million bonus, up from $600,000 the previous year. Rassman also received nearly $1.1 million in other compensation, mostly representing an expense for the accrual of benefits for an unfunded supplemental employee retirement program. However, the bulk of his earnings — some $15.4 million — stems from the value of stock options that he exercised. In the past five years, Toll’s stock price has surged more than sixfold. However, it is currently down 50 percent from its high last year.

Meanwhile, Stephen Wolfe, vice president of finance and chief financial officer of lawnmower maker Toro Co., earned nearly $3.2 million last year. That includes more than $1.5 million representing the value of performance shares that vested for the three-year award term of fiscal 2003 through 2005 under the company’s plan. Wolfe also earned more than $1 million from exercising stock options.