'Mediocre' Gross overpaid at $200 million: Trustee

Bill Gross, chief investment officer of Pacific Investment Management Co. (Pimco).
Andrew Harrer | Bloomberg | Getty Images

Life just isn't getting any easier for Bill Gross.

Not so long ago known as the untouchable Bond King of the investment world, the Pimco founder now finds himself the subject of intense scrutiny, the most recent being over the enormous salary he receives to run the Newport Beach, Calif.-based firm.

Pimco trustee William J. Popejoy believes Gross' reported $200 million annual salary is out of line.

"I think his salary needs to be reviewed," Popejoy told CNBC.com. "I'm not suggesting he be replaced."

(Read more: Big investors warily eye Pimco after internal strife)