Jeff Skilling Net Worth
Jeff Skilling Net Worth and salary: Jeff Skilling is a former CEO of the Enron Corporation who has a net worth of $500 thousand. Born November 25, 1953 in Pittsburgh, Pennsylvania, Skilling was convicted in 2006 of multiple federal felony charges related to Enron's financial collapse. He is serving 14 years of a 24-year, four-month prison sentence, with a projected release date of February 21, 2019. He was indicted on 35 counts of fraud, insider trading and other crimes relating to the Enron scandal and surrendered to the FBI on February 19, 2004. The trial began on January 30, 2006 and Skilling proceeded to be known for his harsh attitude and arrogance, even losing his temper on the witness stand at the trial. In addition to the prison sentence, Skilling was fined $45 million. A mere drop in the bucket compared to the billions lost by thousands of Enron investors.
As a younger man, Skilling received a full scholarship to Southern Methodist University in Dallas, Texas where he initially studied engineering before changing his studies to business. After graduation, he worked for a Houston Bank which sent him to Harvard Business School, where he earned his MBA, graduating in the top 5% of his class as a Baker Scholar. He became a consultant for McKinsey & Company and became one of their youngest partners. He had a daughter and two sons (ages 22, 20 and 16 at the time of his conviction) during his first marriage, which ended in 1997. His youngest son, John Taylor (JT) was found dead in his Santa Ana, California apartment on February 3, 2011 in what police called the result of a drug overdose.
At the peak of his career, Skilling was one of the highest paid CEOs in the world. Between February 2000 and February 2001, Skilling earned over $130 million in salary and bonuses. One month after quitting Enron, Skilling sold $60 million worth of Enron stock. Skilling reportedly spent $70 million defending himself in dozens of costly lawsuits and appeals. A large portion of that money, nearly $23 million, was simply used as a retainer for his team of defense lawyers. In May 2013, Skilling agreed to finally pay the $45 million in restitution he owed to victims. One month later, a judge agreed to reduce his sentence from 24 years to 14 years. That means he could be eligible for release as early as 2017.