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Forbes Says Chrysler Chief Lee Iacocca Made the Most, $11.499 Million

May 19, 1986

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.

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