DENVER – In what is believed to be the biggest compensation deals ever paid a credit union executive, Public Service CU reported it paid its CEO David Maus a compensation package of $11 million.
Maus, who is still CEO, received a whopping $9.8 million in compensation, plus $1.2 million from additional compensation from related organizations, according to a Form 990 the credit union submitted to the Internal Revenue Service for 2010. A credit union official said the bulk of the pay a part of his retirement package.
Maus took over the credit union in 1981 when it had less than $100 million in assets and built it to a $1 billion credit union by the time he retired, serving along the way as chairman of CUNA and several CUSOs and industry associations.
The Form 900 shows Maus earned $18,719 in bonus and incentive compensation; $2,123 in “other reportable” compensation; $7,721 in non-taxable benefits; $1.224 million in retirement and other deferred compensation; and $9.8 million in base compensation for 1010.
