Management: New Man for the Club

The managers of U.S. big business who earn more than half a million dollars a year belong to an exclusive club whose membership is hardly more than a dozen or two. Among them, the man who presides over Massachusetts Investors Trust, the nation's oldest and second largest mutual fund, receives one of the fattest paychecks.

The M.I.T. chairman gets more than $360,000 in a moderately good year, plus another $200,000 for doubling as boss of the sister fund, Massachusetts Investors Growth Stock Fund. (Though generous, this is still well below General Motors Chairman. Frederic Donner, who made $800,000 in...

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