ederated's John Donahue
took a roughly 50 percent cut in base pay in 2002, according to an SEC filing. The Federated chairman earned a base salary of $900,000 in 2002, down from $1.7 million in 2001. Despite the salary cut, Donahue pulled in the same $1.8 million bonus last year that he earned in 2001.
Donahue's son, J. Christopher Donahue
, earned total compensation of $1.9 million as CEO, an increase from $1.6 million in 2001.
The salary cut even came even as Federated is one of the fund firms doing better during the bull market. The Pittsburgh-based firm is the largest provider of money market funds. Its strength in that market segment showed in the 21 percent increase in its profits in 2002. It reported a net income of $203.8 million in 2002, compared to $168.4 million in 2001.
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