Cathie Black collected $3.3 million when she retired from IBM’s board of directors in December in order to take on the job of city schools chancellor, the company’s latest annual report shows.
The bulk of that payout — made up of earned compensation and dividend reinvestments — came on top of her roughly $300,000 in annual compensation for her part-time work on the board since 1995.
At her current annual salary of $250,000, Black would have to serve as chancellor through 2024 to match that eye-popping payout.
The former Hearst Magazines honcho also raked in $197,000 last year from her board work at Coca-Cola, a position she likewise relinquished in late December, a company report shows.