The Los Angeles Times digs into the new president of the Getty Trust’s pay package:
Cuno can look forward to first-year total compensation of $1.368 million — which automatically will bump up to $1.468 million when he finishes the first year of his contract, although he won’t receive the extra $100,000 until his 65th birthday on April 5, 2016. If he’s still running the Getty on that day, Cuno’s transition into senior citizenship will be eased by a check for $500,000 covering all his deferred pay — the same total provided in Wood’s deal.
After his first year, Cuno’s annual earnings will drop to $1.068 million, not counting any raises or bonuses. Wood received a 4% raise in base pay after his first year, followed by a 6% pay cut in 2009-10 as part of the Getty’s recession belt-tightening.
Cuno, who earned $805,000 in 2008-09 as director of the Art Institute of Chicago, according to its most recent available tax return, will be among a handful of million-dollar arts administrators in the United States.
James Cuno Will Be a Million-Dollar Administrator (Los Angeles Times)