fbpx

Deripaska’s Generosity

So Oleg Deripaska of Rusal is getting a breathtaking $62 million bonus for bringing the company to an initial public offer.  But don’t worry, he says he is planning on donating two-thirds of it to his own charity, which still leaves him with double the money of most executives in this crisis.  But c’mon, the guy has to go to Nigeria and Siberia!  From the Financial Times:

“To take a company with a negative $10bn value last year and make it worth $20bn, to not lose a single key asset, to restructure capacities and make it the world’s lowest cost producer means management should be rewarded,” he told Bloomberg in an interview published on Tuesday.

Mr Deripaska’s total pay-out, on top of a basic salary of $10m a year, raised eyebrows in an industry where Marius Kloppers, the head of the world’s largest mining company, BHP Billiton, was paid $10.4m for 2009, including a salary of $2m.

But Mr Deripaska suggested his role as UC Rusal’s chief executive involved much greater efforts. “Spending time in London or New York is very different to flying into Nigeria to free staff or to oversee a construction in minus 42 degrees in Siberia,” he said. “It is certainly nicer to sit at home by seven wearing carpet slippers.”