Rye’s $750 Million Dollar Man
He attends his day job over on 401 Theodore Fremd Avenue just by the on/off ramp to I-95 and behind the Osborn Retirement Home. And his company has paid him over $750 million during the course of his tenure. Sometimes you'll see him training into Grand Central from the Harrison station.
Details from the NY Times DealBook:
"Mr. [Mario] Gabelli belongs on a short list of chief executives of public companies who have earned more than $750 million in total compensation. That’s right: more than three-quarters of a billion dollars.
But there will probably not be any uproar from the shareholders of Gamco Investors at the company’s annual meeting next week at a yacht club in Greenwich, Conn. One reason is that Mr. Gabelli controls Gamco, an investment firm based in Rye, N.Y., because he owns almost all of its Class B shares…
Last year alone, he was paid almost $69 million as the chairman and chief executive of Gamco. But that was not his best year. He took home almost $71 million in 2007. And in 2002, he received a $50 million payout that increased the amount he collected that year to $87.7 million.
All told, since he took his company public in early 1999, Mr. Gabelli has been paid nearly $777 million, an average of $55.5 million a year."
Read the entire piece.
