William Manning, the chairman and founder of Fairport, N.Y.-based investment house Manning & Napier, was rewarded with enough stocks and other compensation to total $360 million in fiscal 2011. Paul Hodgson, who reported this largesse, said to file this “in the ‘you’re joking, surely’ series.” Manning had just completed organizing a group of privately held companies into a publicly listed company, which enabled him to benefit from the public investments.
Hodgson has been called “one of the foremost authorities in the field of compensation,” so if he is calling this a joke and laughing, it is with knowledge of how outrageous that it. He is a senior research associate at GMI Ratings.
“In addition to these units, Mr. Manning received over $92 million in cash distributions based on the economic income of the prior companies (compared to $79 million in 2010). Also, he received over $53 million from net proceeds from the . . . Manning also received a salary of $1.4 million and around $75K in perks and benefits,” Hodgson says.