Stephen Schwarzman, the chairman and chief executive of Blackstone Group LP, received $350.7 million of compensation in 2007, putting him among the highest paid executives on Wall Street.
That comes on top of the $4.77 billion the company co-founder received when his stake in the company was converted into stock as part of the private equity’s giant’s splashy initial public offering. Details of his compensation package were disclosed in a filing with the Securities and Exchange Commission.
Schwarzman — who earlier this week announced a $100 million personal donation to the New York Public Library — made $350,000 in salary but took no bonus in 2007, according to the filing. The Blackstone chairman and chief executive received $179,482 in other compensation, which includes use of a car and driver.
Schwarzman also received $309.6 million in cash distributions — compensation given to partners for the performance of their fund — last year, for the period from Jan. 1 to the company’s initial public offering on June 21. He then received another $40.6 million in cash distributions from investment funds for the balance of the year.
Blackstone had previously said Schwarzman received $4.77 billion worth of stock, representing his share of the company, through the June IPO of Blackstone’s management division. Twenty-five percent, or about $1.2 billion, of those shares immediately vested, while the remaining will vest in equal installments over the next four years.
His stock holdings have declined in value since the IPO, when shares were price at $31 a piece. Today, the shares are trading around $16 each.
The figures included are drawn from Blackstone’s annual report filed Wednesday. The company did not yet file its annual proxy statement, where it could provide additional details about Schwarzman’s compensation.
The AP’s total pay calculations include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.