Now that The Carlyle Group has finally amended its filings to include how it pays its executives, it’s become easier to compare how much money some of the most high profile executives in the industry make.
Sister magazine Buyouts compared Carlyle Group’s figures for 2011 with 2010 figures for executives at Apollo Global Management, The Blackstone Group and Kohlberg Kravis Roberts & Co., to compare a year’s worth of compensation and other pay.
Topping the list is Blackstone Group Chairman and CEO Stephen Schwarzman, who took home a whopping $156.9 million in 2010, which includes his compensation as well as distributions through dividends. See the slideshow below for a full run-down.
Schwarzman’s tally is almost $20 million more than the next best paid, Carlyle Group co-founders Daniel D’Aniello, Bill Conway and David Rubenstein, who each made a total of $137.8 million in 2011. This consists of their compensation combined with a roughly $134 million distribution of investment profits Carlyle made to each.
Following the Carlyle triumvirate is Kohlberg Kravis Roberts & Co. co-founders Henry Kravis and George Roberts, who each made more than $72 million in 2010; and Tony James, president of Blackstone, who made more than $54 million in 2010.
Marc Spilker and James Zelter of Apollo Global Management came next, with a total of $48.9 million and $25.8 million, respectively, in 2010, though much of Spilker’s and some of Zelter’s is in stock that can’t be sold for some years to come. Apollo executives Leon Black, Josh Harris and Marc Rowan rounded out the list, with Black taking home around $28.3 million in 2010 (Black’s total also includes stock), and Harris and Rowan each making about $12.5 million.
Altogether, the 12 executives in our analysis earned $897.2 million.
To put these staggering figure into perspective, consider that Schwarzman’s tally for one year is in the ballpark of Republican presidential candidate and Bain Capital founder Mitt Romney’s entire net worth, estimated to be somewhere between $190 million and $250 million. And when combined, the roughly $413 million Carlyle’s co-founders alone made exceeds the estimated gross domestic product of at least 11 nations, according to the Central Intelligence Agency (Anguilla, Cook Islands, Falkland Islands, Kiribati, Marshall Islands, Federated States of Micronesia, Niue, Palau, Sao Tome and Principe, Tonga, and Tuvalu).
[slideshow]
[slide title=”11 (tie) – Josh Harris, Apollo Global Management”]
Year: 2010
Salary: 100,000
Bonus: NA
Stock Awards: NA
Carry, Distributions And All Other Compensation: 12,391,735
Total: 12,491,735
[slide title=”11 (tie) – Marc Rowan, Apollo Global Management”]
Year: 2010
Salary: 100,000
Bonus: NA
Stock Awards: NA
Carry, Distributions And All Other Compensation: 12,391,735
Total: 12,491,735
[slide title=”10 – James Zelter, Apollo Global Management”]
Year: 2010
Salary: NA
Bonus: NA
Stock Awards: 1,338,548
Carry, Distributions And All Other Compensation: 24,480,695
Total: 25,819,243
[slide title=”9 – Leon Black, Apollo Global Management”]
Year: 2010
Salary: 100,000
Bonus: NA
Stock Awards: 7,391,825
Carry, Distributions And All Other Compensation: 20,884,886
Total: 28,376,711
[slide title=”8 – Marc Spilker, Apollo Global Management”]
Year: 2010
Salary: 166,667
Bonus: NA
Stock Awards: 20,650,000
Carry, Distributions And All Other Compensation: 28,100,000
Total: 48,916,667
[slide title=”7 – Hamilton James, Blackstone Group”]
Year: 2010
Salary: 350,000
Bonus: 23,544,962
Stock Awards: NA
Carry, Distributions And All Other Compensation: 30,551,643
Total: 54,446,605
[slide title=”6 – George Roberts, Kohlberg Kravis Roberts & Co.”]
Year: 2010
Salary: 300,000
Bonus: NA
Stock Awards: NA
Carry, Distributions And All Other Compensation: 71,815,802
Total: 72,115,802
[slide title=”5 – Henry Kravis, Kohlberg Kravis Roberts & Co.”]
Year: 2010
Salary: 300,000
Bonus: NA
Stock Awards: NA
Carry, Distributions And All Other Compensation: 71,856,482
Total: 72,156,482
[slide title=”2 (tie) – Bill Conway, Carlyle Group”]
Year: 2011
Salary: 275,000
Bonus: 3,545,850
Stock Awards: NA
Carry, Distributions And All Other Compensation: 134,020,316
Total: 137,841,166
[slide title=”2 (tie) – Daniel D’Aniello, Carlyle Group”]
Year: 2011
Salary: 275,000
Bonus: 3,545,850
Stock Awards: NA
Carry, Distributions And All Other Compensation: 134,020,316
Total: 137,841,166
[slide title=”2 (tie) – David Rubenstein, Carlyle Group”]
Year: 2011
Salary: 275,000
Bonus: 3,545,850
Stock Awards: NA
Carry, Distributions And All Other Compensation: 134,020,316
Total: 137,841,166
[slide title=”1 – Stephen Schwarzman, Blackstone Group”]
Year: 2010
Salary: 350,000
Bonus: NA
Stock Awards: NA
Carry, Distributions And All Other Compensation: 156,537,051
Total: 156,887,051
[/slideshow]
Sources: Company filings and firm representatives. Each firm has slightly different methods of calculating compensation. KKR, for example, includes carried interest payments in its “compensation” figure that some firms include elsewhere in their financial reports.
Leon Black, Marc Rowan and Josh Harris are restricted from selling shares until two years after the Apollo Global’s March 30, 2011, IPO; after that they may divest up to 30% of their shares on a scaled basis with full divestitures not allowed until 2017. Marc Spilker’s stock awards (and $28.1 million in stock options) vest over a six-year period.
Bernard Vaughan is a senior editor at Buyouts Magazine. Follow his tweets @BVaughanReuters. Follow Buyouts tweets @Buyouts.
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