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Leucadia’s Cumming, Steinberg Each Awarded $9 Million

Dec. 6 (Bloomberg) -- Leucadia National Corp., the firm that agreed to buy Jefferies Group Inc., agreed to pay Chairman Ian Cumming and President Joseph Steinberg each $9.02 million in bonuses tied to performance in 2009 and 2010.

The funds were awarded by the compensation committee on Dec. 3, New York-based Leucadia said today in a regulatory filing.

Steinberg and Cumming, who have run the company since the 1970s, arranged for leadership transition with the deal to buy Jefferies. Richard Handler, who leads the New York-based investment bank, will take over as Leucadia chief executive officer, replacing Cumming, the firm said last month. Steinberg will become chairman. Leucadia said Steinberg and Cumming had been paid less than their maximum bonus for 2009 and 2010.

Leucadia retained “full discretion to consider all relevant and appropriate facts when determining whether to award some or all of the remaining bonus,” the company said in the filing.

To contact the reporter on this story: Laura Marcinek in New York at Lmarcinek3@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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