Only in the rarefied world of private equity would an annual payout of more than $300m for a top executive constitute a decline from the previous year.
The New York Times reports that Leon Black, 63, the chief executive and co-founder of Apollo Global Management, received a total of $330.6m for 2014, according to a regulatory filing on Friday, a smaller sum than the $546.3m he received in 2013.
That payout — consisting mostly of dividends and including returns on his personal investments with Apollo funds — demonstrates how the fortunes of private equity’s top executives are closely tied to the investment performance of their firms.
While Apollo reaped significant profit in 2014, its cash dividend was smaller than in 2013, a year when Black said the firm was 'selling everything that’s not nailed down'.
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