Russia's top execs took home 17% less in 2014

Russia's top execs took home 17% less in 2014
By bne IntelliNews November 20, 2015

The top 25 highest earning Russian executives in 2014 collected paychecks worth a total of $242mn - 17% less than last year, according to Forbes' annual ranking of the country's big-hitter salaries.

The three best paid managers were heads of large state-controlled corporations and considered to be close and long-standing allies of President Vladimir Putin.

The leader of the pay packet pack was Alexei Miller, the head of the state-controlled natural gas producer Gazprom, who grossed $27mn.

Despite the general trend, Miller, 53, increased his earnings by $2mn y/y. The economist from Putin's home city of St Petersburg was appointed CEO of Gazprom in 2001, and today oversees an energy giant that accounts for about 8% percent of Russia's economic output.

Behind Miller in the ranking is VTB state banking group head Andrei Kostin, 59, who earned $21mn in 2014, down from sharply $37mn in 2013.

Igor Sechin, 55, who heads the government-controlled oil major Rosneft, closed the top three with income of $17.5mn, according to Forbes.

In 2013, legal action by Sechin prevented Forbes from publishing his income that year, but the magazine said his earnings had fallen in 2014.

CEO of Russia's largest Sberbank German Gref earned $13.5mn last year, while former head of Russian Railways Vladimir Yakunin made $11mn.