Magazine article American Banker

Associations Dig Deep to Reward Their Leaders

Magazine article American Banker

Associations Dig Deep to Reward Their Leaders

Article excerpt

Associations Dig Deep to Reward Their Leaders

The kings of the financial services industry's trade associations are being compensated royally.

Nine of 20 trade groups pay their top man more than $300,000, according to reporting by the American Banker as part of the paper's annual analysis of association finances.

Keeping his crown as highest-paid executive for the second year is Edward I. O'Brien, president of the Securities Industry Association. With a 13.6% pay raise, Mr. O'Brien made $582,291 in 1989.

David Silver, president of the Investment Company Institute, was the next-best-paid trade group head, at $514,884 in 1989 - a 14.4% hike in salary.

Average Raise Was 70%

The American Banker Association's executive vice president Donald G. Ogilvie came in third in the salary sweepstakes, at $427,698 in 1989. His earnings were down 6.7% from the year before because deferred compensation from earlier years bloated his 1988 salary.

All told, the top men at the 20 trade groups surveyed pulled in $5.5 million. The average trade association leader makes $275,000 - 7% more than the average of $257,000 reported last year.

The average pay raise for association executives was 16.5%, a figure skewed by the reported 49% pay raise taken by Lud Ashley, who runs the Association of Bank Holding Companies. Mr. Ashley, who made $341,997 in 1989, explained the figure looks big only because the group reported his salary plus bonus in 1989. In 1988, the group had reported only his base salary of $230,000. …

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