Sandy Weill Earns $228m In 97, Tops List Of Best-Paid American
There are those who want to be like Michael Jordan, but after considering some executive salaries, somebody might want to be more like Sandy.
According to Forbes, Sanford I Weill, chief executive, Travelers Group and future co-chairman of Citigroup, made almost $228 million in 1997. Thats nearly three times what Forbes said Jordan of the Chicago Bulls made last year - by comparison a paltry $78 million.
Weill, as recorded in Forbes May 18 issue, tops a list of last years 800 best-paid American CEOs, based upon salary, bonus, gains from exercising options and other remuneration.
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Jordan would have been No 5 if he were a CEO instead of a one-man product-endorsement and restaurant franchise.
But Weill is topped in other categories. For instance, filmmaker Stephen Spielberg made about $283 million last year, putting him at the apex of Forbes top 40.
Somehow, Bill Gates and Warren Buffett didnt make the list but they remained the No 1 and No 2 wealthiest Americans by owning stock with Gates holdings appreciating by $22 billion last year. Microsofts CEO had stock worth $49.50 billion and a paycheck of $2.5 million. Berkshire Hathaways Warren Buffett owned stock worth $36.55 billion, and was paid $500,000.
There are only two billionaires within the top 25 on the list. As Forbes said: In a capitalistic society, the biggest rewards go to capitalists, not to managers.
THE MILLIONAIRES ORDER
Sanford I Weill, Travelers group, $227.6 million
Stephen C Hilbert, Conseco, $124.6 million
Richard M Scrushy, Healthsouth, $106.8 million
Ray R Irani, Occidental Petroleum, $104.5 million
Lawrence A Bossidy, Allied Signal, $57.5 million
Andrew S Grove, Intel, $52.6 million
Charles W Mccall, HBO&Co., $52.1 million
Robert B Shapiro, Monsanto, $51.8 million
Philip J Purcell, Morgan Stanley, Dean Witter& co., $47.7 million
Henry R Silverman, Cendant, $44.1 million
Source: Forbes