Goldman Sachs CEO Gets $100 Mln in Pay, Stock

By Jonathan Stempel

NEW YORK (Reuters) - Goldman Sachs Group Inc (GS.N) said on Friday its Chairman and Chief Executive Lloyd Blankfein was awarded about $53.97 million of compensation in its 2007 fiscal year, when the Wall Street bank largely skirted subprime mortgage losses that plagued many rivals.

Blankfein also realized $45.76 million from the vesting of stock, bringing his compensation and other awards to about $100 million, according to Goldman's proxy filing with the U.S. Securities and Exchange Commission.

The compensation amount reflects a methodology used by many executive pay consultants. It differs from Goldman's calculation of Blankfein's "approved 2007 compensation" of $68.5 million, which incorporates a $67.9 million "year-end bonus" payable in cash, restricted stock and stock options.

According to the proxy filing, Blankfein was awarded a $600,000 salary, a $26.99 million bonus and $384,157 of other compensation for fiscal 2007, which ended in November.

Blankfein was also granted restricted stock and stock options valued at $26 million as of the December 2006 grant date, the filing shows. Other compensation included $233,053 for a car and driver, and several other items.

Goldman's profit rose 22 percent to a record $11.6 billion, or $24.73 per share, in fiscal 2007, helped by strong trading results and a prescient bet on a decline in the value of subprime mortgages, which go to people with poor credit.

"Our financial performance was very strong relative to our core competitor group," which includes Bear Stearns Cos BSC.N, Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N), Lehman Brothers Holdings Inc LEH.N, Merrill Lynch & Co MER.N and Morgan Stanley (MS.N), Goldman said.

Compensation is based on salary, bonus, the value of stock options and other awards granted during the year, and incentives and perks.