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22 employees who earned more than their CEOs

September 06, 2013 08:33 IST

22 employees who earned more than their CEOs

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Probably this is unimaginable in the Indian scenario however in the US, where professional management takes precedence over the ownership, employees do get a chance to earn more than the CEOs.

The compensations are obviously rewards for their stellar performances, which helped the companies grow.

Here's a list of employees who beat their bosses and took home a better salary - some by a huge margin. For example, Blackstone COO Tony James was paid nearly four times more than CEO Schwarzman.

The list includes some of the big names such as Berkshire Hathaway, Bank of America, Adobe, Microsoft, and Apple.

Marc Hamburg

Rank: 22

Total compensation in 2012: $1.04 million

Designation: Senior VP, CFO

Company: Berkshire Hathaway

Company CEO: Warren Buffett

Total compensation of the CEO: $0.42 million

Difference: $0.61 million

Hamburg has been in Berkshire Hathaway for over two decades and has served in various capacities such as Vice President and Treasurer.

As a Senior VP and CFO of Berkshire Hathaway - the holding company of Warren Buffett’s conglomerate - Hamburg also looks over Berkshire Hathaway’s subsidiaries.

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Image: US President Barack Obama awards the Medal of Freedom to recipient Warren Buffett during a ceremony to present the awards at the White House in Washington.
Photographs: Larry Downing/Reuters

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Ken Meyer

Rank: 21

Total compensation in 2012: $1.78 million

Designation: Executive VP of Operations

Company: Whole Foods Market

Company CEO: Walter Robb

Total compensation of the CEO: $1.27 million

Difference: $0.51 million

Ken Meyer’s responsibilities include overseeing the day-to-day operations, development, design, and innovations in existing stores and stores in the pipeline.

Ken joined Whole Foods Market when the company acquired Fresh Fields in January 1996.

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Photographs: Courtesy, Whole Foods Market

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Marshall McCrea

Rank: 20

Total compensation in 2012: $2.97 million

Designation: President and COO

Company: Energy Transfer Partners

Company CEO: Kelcy Warren

Total compensation of the CEO: $0

Difference: $2.97 million

McCrea began his career in the energy industry in the mid-1980s and joined ETP in 1997 as Senior VP of Business Development and Producer Services. Since then, he climbed up the ranks to become the President and COO.

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Photographs: Courtesy, Energy Transfer Partners

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Arthur Caputo

Rank: 19

Total compensation in 2012: $3.20 million

Designation: Executive VP & President, Waters Division

Company: Waters Corp.

Company CEO: Douglas Berthiaume

Total compensation of the CEO: $1.06 million

Difference: $2.14 million

Arthur G. Caputo has been the Executive VP and President of the Waters Division for about 10 years.

He has also worked in various capacities at Millipore, which holds stake in Waters Corporation.

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Photographs: Courtesy, Waters Corporation

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Boon Chye Ooi

Rank: 18

Total compensation in 2012: $3.38 million

Designation: Senior VP, Global Operations

Company: Avago Technologies

Company CEO: Hock Tan

Total compensation of the CEO: $0.75 million

Difference: $2.63 million

Boon Chye Ooi is responsible for managing Avago’s worldwide manufacturing, outsourcing, procurement and logistics, planning and quality programs.

Prior to Avago, Ooi worked at Xilinx, Inc and Intel.

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Photographs: Courtesy, Avago Technologies

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Nelson Chai

Rank: 17

Total compensation in 2012: $4.99 million

Designation: President, CIT Group

Company: CIT Group

Company CEO: John Thain

Total compensation of the CEO: $4.19 million

Difference: $0.8 million

Chai oversees CIT corporate finance, vendor finance and trade finance business segments. He also leads CIT’s strategic planning and business development.

Prior to CIT, Chai served as Executive VP and Chief Financial Officer of Merrill Lynch & Co., Inc and has served in the same capacity at NYSE Euronext.

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Photographs: Courtesy, CIT Group

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Timothy McLevish

Rank: 16

Total compensation in 2012: $6.94 million

Designation: Executive VP, CFO

Company: Kraft Foods Group

Company CEO: William Vernon

Total compensation of the CEO: $6.83 million

Difference: $0.10 million

Tim McLevish has held the position of Executive VP and Chief Financial Officer since the launch of Kraft Foods Group in October 2012.

He leads the company's financial operations, including accounting and reporting, financial planning and analysis, treasury, tax, audit and investor relations.

Prior to Kraft Foods Inc., Tim was Senior VP and CFO at Ingersoll-Rand, an $11 billion global, diversified industrial products and services firm.

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Photographs: Courtesy, Kraft Foods Group

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Stefan Dyckerhoff

Rank: 15

Total compensation in 2012: $7.46 million

Designation: Executive VP, Platform Systems Division

Company: Juniper Networks

Company CEO: Kevin Johnson

Total compensation of the CEO: $6.95 million

Difference: $0.52 million

Dyckerhoff has moved to Sutter Hill Ventures as the Managing Director. While at Juniper Networks he was responsible for the entire portfolio of routing, switching, and Wireless LAN products.

Prior to Juniper, Stefan worked at Cisco Systems leading the Enterprise routing and security business.

Stefan started his career at Juniper Networks as part of its founding engineering team (employee number 33).

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Photographs: Courtesy, Sutter Hill Ventures

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Daniel Spiegelman

Rank: 14

Total compensation in 2012: $8.92 million

Designation: Executive VP, CFO

Company: BioMarin Pharmaceutical

Company CEO: Jean-Jacques Bienaime

Total compensation of the CEO: $6.29 million

Difference: $2.63 million

Spiegelman joined BioMarin Pharmaceuticals in May 2012. Prior to BioMarin, Spiegelman worked as a consultant to provide strategic financial management support to a portfolio of public and private life science companies.

He is a member of the board of directors at several companies including Affymax, Inc. and Oncothyreon Inc.

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Photographs: Courtesy, BioMarin Pharmaceutical

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Kevin Turner

Rank: 13

Total compensation in 2012: $10.68 million

Designation: COO

Company: Microsoft

Company CEO: Steven Ballmer

Total compensation of the CEO: $1.32 million

Difference: $9.37 million

After Steve Ballmer resigned, Turner is considered as one of the top contenders for the post of CEO.

As Microsoft's chief operating officer, Kevin Turner leads the company’s global sales, marketing and services organisation of more than 47,000 employees in more than 190 countries.

Under his leadership, the sales and marketing group delivered more than $77 billion in revenue in fiscal 2012.

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Photographs: Courtesy, Microsoft

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Mark Garrett

Rank: 12

Total compensation in 2012: $12.59 million

Designation: Executive VP & CFO

Company: Adobe Systems

Company CEO: Shantanu Narayen

Total compensation of the CEO: $12.01 million

Difference: $0.58 million

As executive vice president and chief financial officer, Mark Garrett is responsible for Adobe's worldwide finance, operations and information technology activities, including investor relations, purchasing, facilities, global supply chain management and order management.

In addition, Garrett oversees Adobe's corporate development activities with responsibility for strategic planning, mergers and acquisitions, venture investments and new business initiatives.

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Photographs: Courtesy, Adobe Systems

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Thomas Montag

Rank: 11

Total compensation in 2012: $14.44 million

Designation: Co-COO

Company: Bank of America

Company CEO: Brian Moynihan

Total compensation of the CEO: $8.32 million

Difference: $6.12 million

Taking home more compensation than his boss is no longer a new thing for Thomas Montag. It was his straight third year (2012) when he earned more than the CEO.

Montag is also a member of the company’s executive management team. In this role, he is responsible for all of the businesses that serve companies and institutional investors, including middle-market commercial and large corporate clients.

Previously, he was president of Global Banking and Markets at Bank of America Merrill Lynch.

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Photographs: Courtesy, Bank of America

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Gary Dickerson

Rank: 10

Total compensation in 2012: $15.40 million

Designation: President

Company: Applied Materials

Company CEO:  Michael Splinter

Total compensation of the CEO: $9.22 million

Difference: $6.18 million

In September, Dickerson was named CEO of Applied Materials and also a member of the board of directors. He was the President of the company from June 2012.

Dickerson is a long-time industry leader with more than 30 years of semiconductor experience and a strong track record of delivering profitable growth and gaining market share.

He served for seven years as CEO of Varian Semiconductor Equipment Associates, Inc., until its acquisition by Applied Materials in 2011.

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Photographs: Courtesy, Applied Materials

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Glenn Youngkin

Rank: 9

Total compensation in 2012: $17.22 million

Designation: COO

Company: Carlyle Group

Company CEO: William Conway

Total compensation of the CEO: $0.28 million

Difference: $16.94 million

Youngkin is also Managing Director of Carlyle and serves on the company’s Management Committee.

Prior to becoming the COO, he was principal financial officer and has also served as head of the industrial sector investment team.

Before joining Carlyle, he was a management consultant with McKinsey & Company.

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Photographs: Courtesy, Carlyle Group

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Patrick Gelsinger

Rank: 8

Total compensation in 2012: $17.68 million

Designation: Former President & COO, EMC Information Infrastructure Products

Company: EMC

Company CEO: Joseph Tucci

Total compensation of the CEO: $16.59 million

Difference: $1.08 million

Patrick Gelsinger now works as the CEO of VMware.

He has been an achiever through his career. In late 80s, PC Magazine called him ‘Person of the Year’. When he became the Group Vice President at Intel in 1991 at age 32, he was the youngest vice president in the history of the company.

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Photographs: Courtesy, VMware

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Jeffrey Wilke

Rank: 7

Total compensation in 2012: $17.73 million

Designation: Senior VP, Consumer Business

Company: Amazon

Company CEO: Jeffrey Bezos

Total compensation of the CEO: $1.68 million

Difference: $16.05 million

Jeff Wilke had joined Amazon.com as Vice President and General Manager, Operations in September, 1999. Since then, he has served the company in various capacities including Senior Vice President, North American Retail, and also as Senior Vice President, Worldwide Operations.

He came to Amazon from AlliedSignal (now Honeywell), where he was Vice-President and General Manager, Pharmaceutical Fine Chemicals, a $200 million global business.

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Reed Krakoff

Rank: 6

Total compensation in 2012: $18.70 million

Designation: President, Executive Creative Director

Company: Coach

Company CEO: Lew Frankfort

Total compensation of the CEO: $12.28 million

Difference: $6.43 million

Coach’s CEO Lew Frankfort hired Reed Krakoff in 1996. Frankfort gave him a free hand at the company. Krakoff controlled Coach’s products, advertising, store design, and merchandising. The result: Coach grew from a $500 million a year to a $4 billion company.

Prior to working for Coach, Krakoff had worked for Ralph Lauren and Tommy Hilfiger as Creative Director in the 90s.

Recently he announced that he would leave Coach in 2014, to go solo on his own brand, Reed Krakoff.

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Image: Actress Jessica Pare (L) smiles with designer Reed Krakoff after Krakoff won the award for Accessory Designer of the Year at the 2012 Council of Fashion Designers of America (CFDA) Fashion Awards in New York.
Photographs: Lucas Jackson/Reuters

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John Bickham

Rank: 5

Total compensation in 2012: $19.76 million

Designation: COO

Company: Charter Communications

Company CEO: Thomas Rutledge

Total compensation of the CEO: $5.28 million

Difference: $14.48 million

Bickham is a 26-year veteran of cable industry and joined Charter Communication last in 2012.

Prior to joining Charter Communications, Bickhan worked as President of Cable and Communications for Cablevision.

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Photographs: Courtesy, Charter Communications

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James Zelter

Rank: 4

Total compensation in 2012: $22.67 million

Designation: Managing Director, Credit

Company: Apollo Global Management

Company CEO: Leon Black

Total compensation of the CEO: $0.29 million

Difference: $22.38 million

Other than heading Credit at Apollo, Zelter is also CEO and director of Apollo Investment Corporation.

Prior to joining Apollo, Zelter was with Citigroup and its predecessor companies from 1994 to 2006.

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Photographs: Courtesy, Apollo Global Management

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Caleb Kramer

Rank: 3

Total compensation in 2012: $31.17 million

Designation: Managing Director

Company: Oaktree Capital

Company CEO: John Frank

Total compensation of the CEO: $16.85 million

Difference: $14.32 million

Kramer had been an investment person all through his career. He is managing director and portfolio manager (Europe) at Oaktree.

Prior to joining Oaktree in 2000, Kramer co-founded Seneca Capital Partners LLC, a private equity investment firm. From 1994 to 1996, Kramer was employed by Archon Capital Partners, an investment firm.

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Photographs: Courtesy, Oaktree Capital

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Hamilton (Tony) James

Rank: 2

Total compensation in 2012: $33.27 million

Designation: President, COO

Company: Blackstone Group

Company CEO: Stephen A. Schwarzman

Total compensation of the CEO: $8.41 million

Difference: $24.86 million

Hamilton E. James is also a member of the board of directors of Blackstone Group Management L.L.C.

Prior to joining Blackstone, James was Chairman of Global Investment Banking and Private Equity at Credit Suisse First Boston and a member of the Executive Board.

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Photographs: Courtesy, Blackstone Group

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Bob Mansfield

Rank: 1

Total compensation in 2012: $85.54 million

Designation: Senior VP, Technologies

Company: Apple

Company CEO: Tim Cook

Total compensation of the CEO: $4.17 million

Difference: $81.37 million

On June 28, Apple sent out a press release stating that Mansfield is retiring. In his place, Apple promoted Dan Riccio.

While Mansfield was at Apple, he was the head of Hardware Engineering division and led Mac hardware engineering since 2005 until his retirement, and had also led hardware engineering of iPhone and iPad.

He had joined Apple in 1999.


Photographs: Courtesy, Apple

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