Forbes Says Chrysler Chief Lee Iacocca Made the Most, $11.499 Million
NEW YORK (AP) _ With total compensation of $11.499 million, Chrysler Corp.‘s Lee Iacocca ranks as the best-paid U.S. chief executive of 1985, followed by Mesa Petroleum Co.’s T. Boone Pickens Jr. with $9.877 million, Forbes Magazine reports in its June 2 issue.
Thomas Spiegel of Columbia Savings & Loan Association in Beverly Hills, Calif., was third at $9.032 million.
Median compensation, including salary and stock gains, was $620,000 last year, Forbes said.
Here are the other of the 10 best-paid executives and their compensation, according to Forbes:
-Stephen D. Hassenfeld, Hasbro Inc., $4.764 million.
-Anthony J.F. O’Reilly, H.J. Heinz Co., $4.093 million.
-George T. Scharffenberger, Home Group Inc., $3.945 million.
-Kenneth L. Lay, Enron Corp., $3.794 million.
-Robert Anderson, Rockwell International Corp., $3.666 million.
-Clifton C. Garvin Jr., Exxon Corp., $3.625 million.
-Terrence A. Elkes, Viacom International Inc., $3.587.
Last month, Business Week reported that Miami Beach financier Victor Posner was the highest paid executive last year, grossing $12.7 million in salary and and long-term compensation.
Forbes and Business Week measure the value of such compensation as stock options differently, so their lists are not exactly comparable.
Salary and bonuses averaged $679,000 for the top executives included in Business Week’s survey. It also ranked Iaccoca second with total compensation of $11.426 million, including more than $9.8 million in long-term compensation, and Pickens third with $8.431 million.
Rounding out Business Week’s top 10 were Warner Amex Chairman Drew Lewis, $6 million; Robert L. Mitchell, vice chairman of Celanese Corp., $4.76 million; Sidney J. Sheinberg, president of MCA Inc., $4.48 million; Anderson of Rockwell International Corp., $3.63 million; Exxon’s Garvin, $3.56 million; David S. Lewis, chairman of General Dynamics Corp., $3.35 million; and John H. Gutfreund, chairman of Phibro-Salomon Inc., $3.2 million.