Blackstone Group co-founder and CEO Stephen Schwarzman’s pay fell 99 percent in 2008, reports Reuters.
The private-equity firm posted a $1.33 billion loss this year. Schwarzman, who celebrated his 60th birthday with a $3 million party in 2007, did not receive any cash compensation for 2008 other than a base salary of $350,000.
Co-founder Peter Peterson, a former U.S. secretary of commerce who retired from Blackstone last year, also took a more than 99 percent pay cut and received a base salary of $350,000 for the year, according to a regulatory filing.
Cash compensation of President and COO Hamilton James, Vice Chairman Tomilson Hill and former CFO Michael Puglisi declined by 73 percent, 67 percent and 76 percent.