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Rating:A Famous Fundster Entrepreneur Keeps His Pay at Zero Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, December 27, 2018

A Famous Fundster Entrepreneur Keeps His Pay at Zero

Reported by Neil Anderson, Managing Editor

A star PM and fundster entrepreneur will continue to keep his pay at $0, at least for three more months.

Mario Gabelli, chairman and CEO (and controlling shareholder) of publicly traded Gamco Investors [profile], will waive his compensation for the months of January, February and March next year, the Rye, New York-based mutual fund shop confirmed yesterday. Gabelli started waiving his comp on March 1, 2018, so by the end of next March his streak will have continued for 13 months and counting.

It's not clear how much pay Gabelli is giving up, because he is not normally paid a base salary anyway: when he is paid (for example, in 2017, when he received $69.4 million, down from $76 million in 2016 and $75 million in 2015), it's entirely in incentive-based variable compensation.

Of course, when Gamco does pay Gabelli, he's partially paying himself. He owns, directly or indirectly, (as of March 1, 2018) 44.55 percent of the company's class A stock (making him by far the biggest shareholder) and 98.65 percent of its class B stock (which holds most of the voting power).

Gabelli's compensation has received media attention and scrutiny for years, going at least as far back as 2005 and 2003

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