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February 04, 2013

Top Getty Trust Officials Got Much Bigger Paychecks in 2012

Seven senior executives and department heads at the J. Paul Getty Trust saw their compensation rise by at least 8.6 percent last year, with the culture group's chief investment officer collecting 64 percent more thanks to big incentive and retirement payments, according to the Los Angeles Times.

Getty spokesman Ron Hartwig said executive salaries generally rose 3.25 percent to 3.75 percent and staffers across the organization received "a modest increase." Figures from the trust's annual online posting of pay for senior managers—a practice instituted after a spending scandal led to the resignation of its president in 2006—showed several top officials got considerable boosts from pension payments that compensated for cuts in prior years.

The trust, the world's wealthiest arts organization, laid off 34 employees in its museum division last year, saying the move would free millions of dollars for art acquisitions.