Average Goldman share handout will be $126,000
Tuesday 13 April 1999
All Goldman's 13,000 staff, including 2,500 in London, will get shares worth half annual salary plus bonus, making an average windfall of $126,000, with more senior staff topped up on a discretionary basis. The big beneficiaries will be the top brass, whose existing capital built up over years at the firm will be converted into shares.
John Thornton, co-chief operating officer stands to get 3.01 million shares, worth up to $170m on flotation. John Thain, the former chief financial officer who is now co-chief operating offer, gets 3 million or $165m worth of shares.
The biggest slice goes to the chairman and chief executive, Hank Paulson, who will receive 4.13 million shares worth $227m. Next in line is Robert Hurst, co-head of investment banking, with 3.84 million shares worth $211m. David Viniar, who took over this year from Mr Thain as chief financial officer, gets 1.72 million shares worth $94m.
Sir John Browne, chief executive of BP-Amoco, and James Johnson, former chairman and chief executive of Fannie Mae, the American Federal mortgage corporation, are to join the board as non-executive directors.
The other 221 partners and 541 managing directors - the layer below partnership - will hold shares worth up to $15.5bn. The figures are contained in the sale prospectus filed yesterday.
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