CUNA President/CEO Bill Cheney earned $1.34 million in 2012, according to the organization’s 990 tax forms released Thursday.
His $732,021 base salary and $183,005 in bonus and incentive pay represent a 2.2% pay increase compared to 2011.
represent a 2.2% pay increase compared to 2011. Cheney also received $169,640 in retirement and other deferred compensation and $234,857 in other reportable compensation, typically company retirement contributions. He also received $18,117 in nontaxable benefits.
While the total amount may appear to be an 18% increase over last year, CUNA Chairman Patricia Wesenberg explained in a cover letter the increase is the result of the timing of his deferred compensation reporting because CUNA makes the contributions in January of each year.
Cheney, who was hired in July 2010, only received half a year’s worth of deferred compensation in January 2011, and a full year’s contribution in January 2012 for the previous year, his first full year of employment with CUNA.
Wesenberg said total executive compensation at CUNA was up by 9.6% overall, which includes Cheney’s deferred compensation pay. When Cheney’s pay is taken out of the mix, remaining CUNA executives received an average 6.2% increase.
Chief Legal Counsel Eric Richard was the second largest earner in 2012 with $495,369. John Franklin, executive vice president and chief operating officer who retired March 29 of this year, received 450,595. Executive Vice President of Government Affairs John Magill received $432,014 and Executive Vice President of System Relations Susan Newton, CUNA’s highest earning woman, earned $425,780.
Dan Mica, who retired as CUNA CEO in 2010, was paid $180,000 in consulting fees.