According to Kingsport, Tennessee-based Eastman Credit Union's 2014 Form 990, the credit union's CEO, Olan O. Jones Jr., had a total compensation package of $9.26 million in 2014.
The base pay of the credit union's CEO was almost $7 million. Olan Jones Jr. also received $262,440 in bonus and incentive payments in 2014.
In addition, his retirement and other deferred compensation was almost $2 million in 2014.
Mr. Jones' compensation package in 2014 included a $6.4 million payout from a 457(b) plan.
At the end of 2014, Eastman Credit Union reported slightly more than $3 billion in assets.
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You didn't finish the story.
ReplyDeleteJones' total comp was 23.5% of the credit unions's 2015 net income.
Guess he was trying to make sure they were closer to "not for profit ".
What is JDimon comp as a % of JPM total net income.
Go find that and do the math.
Then ask Jim Blaine who the bigger pig is.
THIS is a story.
Now do it for other Credit Union CEOs.
How does it come out?
Think dimon's is less than 2%!!
DeleteWow.
That's just plain crazy. What are they thinking? How can credit unions can say banks are bad because they look out for the interests of the stockholders, when there are credit unions like this that pay an absurd amount of compensation to one individual, at the expense of all members. At least in a stock bank the interests of the stockholders are aligned with what's good for the bank. Can't say that here.
ReplyDeleteDr. Legget.
ReplyDeleteAbove is a good idea.
Line up all the cu CEO total package income from the last report you gave us on it.
Divide it by the total net income of the cu.
Then compare to JDimon.
I am in the process of compiling this information. I will compare CEO's total comp to several metrics.
DeleteGood idea. As the writer said, there are quite a few sizeable and questionable incomes when compared to top cu CEOs like Blaine or a Dimon. Take it as a % of the institutions net income and assets.
ReplyDeleteYou state that there was a $6.4 million payout from a 457b plan. Where does that fit into the numbers you're reporting? Are you including it in the base compensation number?
ReplyDeleteIt is part of the base pay.
DeleteNice spin, but seeing how $6.4 million was earned in prior years and deferred, his annual base pay is closer to around $600k. Is that correct?
DeleteSeems like an extreme case that gives the movement a bad rep.
ReplyDeleteHalf your comment is correct. The "bad rep" part.
DeleteBelieve when we see a more thorough look, it will prove embarrassing and more.
We have some of the best credit union CEO's MONEY CAN BUY.
ReplyDeleteA better metric is to compare to 3 billion publicly traded banks in the southeast. Base salary is probably $750K ish.
ReplyDeleteRoy Harmon
If Credit Unions are going to claim they are for the benefit of their depositor/shareholders then they should be required to distribute their earnings (or at least a meaningful minimum of their earnings) to the shareholders. REIT's are required to distribute 90% of their pretax income in order to obtain favorable treatment for tax purposes. If a credit union can't truly serve its membership and is for the benefit of its executives at the level of this gentleman, they should be fully taxed. This is preposterous.
ReplyDelete