Human Capital & Careers

Retired General Dynamics CFO Earned $11M

Amgen, Norfolk Southern, Boeing, and Chubb also announce their CFO compensation numbers.
Stephen TaubMarch 23, 2007

Michael J. Mancuso, who retired as senior vice president and CFO of General Dynamics on May 31, earned about $11.4 million last year. Nearly $10 million was the result of exercising stock options; he earned another $1.7 million or so in salary, bonus, stock awards, options awards, and other sources in the brief period he served.

L. Hugh Redd, who replaced Mancuso effective June 1, earned nearly $1.8 million. Mancuso and Redd are just two among dozens of CFOs whose compensation was disclosed this week.

Elsewhere, Richard D. Nanula, executive vice president and CFO of Amgen, earned nearly $6.2 million, including $3.9 million — the fair value of stock and options awards on their grant date — and $1.2 million in nonequity incentive plan compensation.

Henry C. Wolf, vice chairman and CFO of Norfolk Southern, earned about $6 million, including about $3.2 million — the fair value of stock and option grants — and more than $1.1 million from the change in pension value and nonqualified deferred compensation earnings.

Boeing’s executive vice president and finance chief, James A. Bell, earned $5.9 million. This included $2.6 million in stock awards, $1.1 million reflecting the change in value of his accumulated benefits under all pension plans during the year, and $847,000 in nonequity incentive plan compensation.

Meanwhile, The Chubb Corp. announced that Michael O’Reilly, vice chairman and CFO, earned $7.2 million. This included a salary of $661,000, as well as $3.7 million in stock awards, nearly $1.3 million in nonequity incentive plan compensation, and nearly $1.2 million resulting from the change in pension value and nonqualified deferred compensation earnings. O’Reilly also netted $302,000 from the gains resulting from exercising stock options.