Lazard CEO’s 2010 Compensation Almost Doubles to $14.9 Million
Lazard Ltd., the largest independent merger adviser, awarded Chief Executive Officer Kenneth Jacobs $14.9 million in total compensation for 2010, nearly doubling his pay from the year before.
Jacobs, 52, received a base salary of $900,000 in 2010, down from $1.4 million a year earlier, according to a filing today with the U.S. Securities and Exchange Commission. His annual cash bonus increased to $5.1 million from $2.3 million, and he received $8.8 million in restricted stock awards in 2010, up from $3.8 million.
Lazard, based in Hamilton, Bermuda, had full-year profit of $281.1 million, or $2.06 a share, in 2010 compared with $11.1 million, or 9 cents, a year earlier, the firm said on Feb. 2. Assets under management increased to a record $155.3 billion in 2010 from $129.5 billion, Lazard said in the filing today.
Ashish Bhutani, CEO of Lazard Asset Management who became a director in March, received $14 million in total compensation in 2010, according to the filing. Chief Financial Officer Michael Castellano’s compensation increased to $2.8 million in 2010 from $2.5 million a year earlier.
Scott Hoffman, general counsel, received $4.5 million in total compensation in 2010, up from $3.5 million. Chief Operating Officer Alexander Stern was paid $6.5 million, up from $3.5 million.
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