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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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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22 employees who earned more than their CEOs
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.