Warning, This Post Contains Information That May Be Offensive To Anyone With A Pulse: PGA Tour Executive Compensation Edition
/I used to be able to joke about PGA Tour executive pay, but when you see these numbers...
Jon Show of Sports Business Journal did the digging and writes:
PGA Tour Commissioner Tim Finchem took home $5.3 million in 2008, up from $4.76 million the previous year and roughly flat with what he received in 2006.
Tim Finchem’s salary remained $1.3M, but performance bonuses pushed his total up. Finchem’s salary remained constant at $1.3 million, meaning the fluctuation is due to performance bonuses paid under a plan established by the compensation committee on the PGA Tour board of directors with the help of a compensation consultant.
Forget Finchem, that's old news. This is the part where the children must leave the room:
The second-highest-compensated executives in 2008 were co-COOs Charlie Zink and Ed Moorhouse, who each made about $1.7 million. Other executives receiving at least seven figures include CMO Tom Wade, CFO Ron Price and David Pillsbury, also president of PGA Tour Golf Course Properties.
Five over a million! Growth!
Show says new IRS rules gave us more information than in the past.
Among the revelations in the new filings is that the PGA Tour pays “health or social club dues or initiation fees” for one or more executives, which primarily consists of memberships at TPC Sawgrass.
Also, the 538 PGA Tour full- and part-time employees received $78.8 million in salaries, other compensation and benefits, up from the $74.4 million that 551 full- and part-time employees received in 2007.
I know what you're saying, these numbers were sketched out before the bubble burst. So note how they are anticipating the Great Recession down in Greater Jacksonville:
In the 2008 filing, the tour also outlines a long-term incentive bonus plan payable to high-ranking employees in 2009 and 2010 unless the individual terminates his or her employment. Finchem’s bonus is scheduled to be nearly $1.9 million in 2009 and 2010, followed by Zink and Moorhouse at $534,127 each.
Now, I'm not real good with numbers and common sense stuff here (blame Pepperdine), but how is it that you already know what's someone's bonus is going to be before the year's work takes place? How is that an incentive to work, since after all, bonuses are incentives, no?
Anyway, here's the expanded 2008 list in SBJ and a link to SBJ's findings for 2007. And congrats to everyone on their pay raises in these thriving economic times!
PGA Tour Compensation Name Title Total Compensation
Tim Finchem Commissioner $5,248,979Charlie Zink Co-COO $1,768,832
Ed Moorhouse Co-COO $1,707,845
David Pillsbury* EVP, championship management $1,162,253
Tom Wade CMO $1,141,881
Ron Price CFO $1,209,464
Rick George Chief of operations $776,693
Ty Votaw EVP, communications and international affairs $726,195
Rick Anderson CLO $666,743
Henry Hughes CEO, The Players $737,941
Bill Calfee President, Nationwide Tour $698,414
Gil Kerr* SVP, broadcasting and programming $534,534
Jeanne Lightcap* SVP, accounting and financial reporting $480,158
Jeff Monday SVP, tournament development $481,323
Mike Bodney* SVP, Presidents Cup $491,955
Now there's a job I want. $491,955 for a once-every-two years event! Sorry to interrupt...
Jon Podany* SVP, business development $462,775
Bob Combs Former SVP, communications and public affairs $477,858
Slugger White* VP, rules and competition $468,865
Mike Stevens* President, Champions Tour $398,230
Sid Wilson VP, player relations $394,610
* Not previously listed Source: Form 990
I guess the above, combined with the number below make the USGA salaries look like chicken feed:
Arlen Kantarian was paid more than $9 million by the United States Tennis Association in his last year as its chief executive of professional tennis, according to tax documents filed by the organization and confirmed by the U.S.T.A.
