Executive Pay

Executive Pay Scorecard for 2008

Every spring, top media outlets and business research organizations in the United States release compensation surveys that detail executive pay levels over the preceding year. These surveys seldom sample the same corporations — or measure pay the exact same way — and, consequently, almost always generate somewhat different results. This Too Much table compares the various reports released in 2009 on CEO pay for 2008.

National Pay Reports

Source Methodology Top Pay Median/Avg Increase Worth Noting
Wall Street Journal
April 3, 2009
Survey, by the Hay Group, covers CEOs at the first 200 firms with over $5 billion in revenue to file 2008 data. Total direct compensation covers salaries, bonuses, and the value of new stock awards. Not included: perks, tax gross-ups, changes in pension value and deferred pay earnings, and earnings from previously awarded options. Sanjay Jha, Motorola, $104 million Median: $7,560,000 Median: -3.4% Health care industry top executives led the 2008 pay parade. The typical health care CEO took in $12,446,800 in total direct compensation for the year. In the financial industry, median total direct pay fell 14.2 percent, to $7.6 million.
New York Times
April 5, 2009
Survey, compiled by Equilar, reflects pay for 200 CEOs at publicly traded companies that filed their annual proxies by March 27, 2009 and took in revenues of at least $6.3 billion. Pay includes salary, cash bonuses, the grant date value of stock and stock option awards, and perks. Does not include payouts from stock awards made in previous years. Sanjay Jha, Motorola, $104 million Median, $8.4 million
Average, $10.8 million
Median, -9.4%
Average, -5.1%
CEOs at the bottom of this year’s survey actually did quite well in 2008. Capital One CEO Richard Fairbank, for instance, ranked 196th and took in nothing in salary and bonus. But Fairbank did clear $19.2 million cashing in stock options he collected before 2008.
Equilar
April 7, 2009
This survey from Equilar, an info services firm that tracks executive pay, covers 208 S&P 500 CEOs at companies with fiscal years ending between June 2008 and January 2009, with each CEO in place at least two years. Pay includes salary, bonus, grant date value of stock awards, and perks. Does not include payouts from stock awards made in previous years. Median, $8,446,935 Median, -6.8% The typical S&P 500 CEO took home a cash bonus of $1,473,520 in 2008, a total off 20.6% the 2007 median median payout. In 2008, a year of economic collapse, 85.6% of the CEOs in the Equilar survey pocketed a cash bonus.
Forbes
April 22, 2009
Survey covers the chief execs at the 500 biggest U.S. companies, measured by sales, profits, assets, and market value. Pay includes salary, bonus, the value realized from vesting of restricted stock and performance shares, perks, and stock gains from exercising options. Larry Ellison, Oracle, $557 million Average: $11.4 million Average: -11% The $5.7 billion that went to 2008′s top 500 CEOs equaled 3 percent of company profits. The top bonuses for the year: $18.5 million for Leslie Moonves, CBS, and $17.5 million for Rupert Murdoch, News Corp.
Associated Press
April 30, 2009
Survey, based on data from Standard & Poor’s, covers 309 firms in the S&P 500 that had filed pay figures through April 20 and had the same CEO the last two years. Pay includes “salary, perks, bonuses, preferential interest on deferred pay, and company estimates for the present value of stock options and stock awards on the day they were granted last year.” Not covered: gains realized last year from the exercise of stock option awards. Aubrey McClendon, Chesapeake Energy, $112.5 million Median: $7.6 million Median: -7% The 10 highest-paid CEOs on the AP list pocketed $538 million, $50 million off the 2007 top ten total. Four of the 2008 top ten came from financial services firms: Goldman Sachs, American Express, Citigroup, and JPMorgan Chase. All these enterprises have received dollars from the federal bailout program.
USA Today
May 1, 2009
Survey, conducted by the AP, covers “387 S&P 500 companies that filed proxies this calendar year through April 20.” Aubrey McClendon, Chesapeake Energy, $112.5 million Median: $7.6 million Median: -7% Despite the 2008 economic meltdown, only 56 percent of the CEOs on the job in both 2007 and 2008 received a smaller bonus in 2008.
Economic Research Institute
May 13, 2009
Survey by ERI, a Redmond, Washington-based compensation info firm, covers the year from May 2008 to May 2009. The ERI figures “reflect data from a representative group of 45 companies randomly selected” from the about 6,500 companies that file with the SEC. Average: $16.7 million Average: -3.2% Since 1997, the average total compensation for the highest-paid executive in the firms ERI samples has increased 162.3 percent.
The Corporate Library
Sept. 22, 2009
Survey covers over 2,700 publicly traded companies. “Total realized compensation” includes salary, bonus, and perks, plus gains from exercising stock options awarded in previous years and value of newly vesting shares of restricted stock. Stephen Schwarzman, Blackstone, $702.4 million. Sum reflects the vesting of $699.8 million of the shares that went to this private equity CEO in 2007 when his firm went public. Average, top 10: $221.8 million Median, all: -6.4% Average, all: +7.7% Seven of the top 10 executives pulled in at least $100 million. Seven of the top 10 came out of the oil industry. Of the 2,000 CEOs on the job for all of 2008, “only six saw their pay actually cut.”

Regional Pay Reports

Source Methodology Top Pay Median/Avg Increase Worth Noting
Chicago
Sun-Times

April 15, 2009
Data, calculated by Chicago-based Buck Consultants LLC, covers 26 top executives at Chicagoland companies. Pay includes cash compensation and benefits that are paid to the CEO in the reported year and long-term equity compensation which is granted in that year. Sanjay Jha, Motorola, $104.4 million Executives with higher pay than previous year: 12. Lower: 7. New to position in 2008: 7. Motorola “has announced layoffs of 7,000 people since late last year.”
Dayton Business Journal
May 1, 2009
$12.67 million Average: +25% All Dayton-area CEOs surveyed but one saw their total pay increase in 2008.
The Record
(Hackensack, N.J.)
May 10, 2009
Survey covers CEO pay at 50 major companies based in North Jersey. Pay includes 2008 gains from stock options awarded in previous years. Ronald Hermance, Hudson City Bancorp, $37.5 million in option gains Average: $688,303 Average: +4.8% Over half the execs surveyed took home over $1 million last year and five “topped the $10 million mark.”
Kansas City Star
May 11, 2009
Survey covers CEO pay at 50 top KC-area firms. Pay figures track the reporting formats the SEC requires, producing totals that “include portions of compensation granted in prior years that are being allocated as an expense over several years.” Daniel Hesse, Sprint Nextel, $19.2 million Two-thirds of the executives in the Kansas City Star figures saw their pay increase in 2008 over the year before.
Minneapolis
Star Tribune

May 17, 2009
Survey covers Minnesota’s 100 top-paid CEOs. Total pay includes “gains from the exercise of previously issued stock options and restricted shares vesting during the year.” Daniel Starks,
St. Jude Medical Inc., $32.2 million
Median: $938,385 Median: -38.5% Of Minnesota’s top 100 CEOs, 47 took home at least $1 million in 2008, compared with 60 in 2007, 58 in 2006 and a record 66 in 2005.”
St. Louis
Post-Dispatch

May 19, 2009
Survey covers 17 St. Louis area CEOs in office for last two years. Hugh Grant, Monsanto, $15.6 million Median: +5% Only six of the 17 CEOs surveyed received lower pay last year than in 2007.
Albany Times Union
May 31, 2009
Survey covers compensation among the 12 highest-earning New York Capital area CEOs on the job in both 2007 and 2008. Thomas D’Ambra Albany Molecular,
$3.5 million
+ less than 1% The typical Capital region worker would have had to labor 79 years to earn what Albany Molecular’s Thomas D’Ambra collected last year.
Tulsa World
May 31, 2009
Survey covers 18 presidents and CEOs of publicly traded firms based in eastern Oklahoma. Pay includes salary, bonuses, and stock awards that vest in future years. Steve Malcolm, Williams Cos. Inc., $8.9 million Steve Malcolm of Williams Cos. Inc. saw his pay jump 10 percent despite a 60 percent drop in his company’s share price.
San Jose
Mercury News

June 5, 2009
Survey, conducted by Equilar, covers pay for 145 chief executives heading Silicon Valley’s largest companies based on revenue, as compiled from proxy filings made by May 30. Pay does not include gains from the exercising of stock options. Larry Ellison, Oracle, $84.6 million Median: $2.2 million Median: -5.6% In 2008, Ellison, Silicon Valley’s highest-paid exec in 2008, also cleared $543.8 million exercising stock options awarded in previous years and saw his retirement account jump $12 million.
Des Moines Register
June 7, 2009
Survey covers 108 executives at publicly traded companies based in Iowa. Barry Griswell, Principal Financial Group, $7.5 million Average: $1,044,706 Average: -3.7% Bonuses for Iowa’s 20 top CEOs fell in 2008, but their average salary increased 9.41 percent, to $529,760.
St. Paul
Pioneer Press

June 7, 2009
Survey covers CEO pay at Minnesota’s 50 largest publicly traded firms. Pay does not include gains from exercised stock options. Gregg Steinhafel, Target, $13.5 million Median: $3.2 million Median: -1.3% percent The typical CEO surveyed took home 66 times the $48,812 2008 pay of average Minnesota workers.
The Oklahoman
June 7, 2009
Survey covers five highest-paid state CEOs. Pay does not include gains from exercised stock options. Aubrey McClendon, Chesapeake Energy Corp., $112.5 million Average: $32.2 million McClendon’s compensation has so far “prompted four shareholder lawsuits.”
Denver Post
June 14, 2009
Survey, conducted by LogixData, covers 232 executives at Colorado’s 50 largest publicly traded companies. Michael Fries, Liberty Global, $19.1 million Average: $2.3 million Average: +5.2% At least 10 Colorado execs “reported pay increases of 50 percent or more despite declines in their company’s stock price of nearly half or more last year.”
Indianapolis Star
June 14, 2009
Survey, conducted by Equilar, covers 44 Indiana CEOs. Pay does not include gains from exercised stock options. John Lechleiter, Eli Lilly and Co., $10.64 million Average: $3.6 million Average: -19.6% Eli Lilly’s Lechleiter gained another $3.2 million from previously awarded stock. He now has $9.5 million in his pension account, plus $4.9 million in deferred pay.
Atlanta Journal-Constitution
June 14, 2009
Survey, conducted by Equilar, covers pay of over 100 executives at Georgia’s 20 largest publicly traded firms. Pay does not includes gains from exercising stock options. Neville Isdell, Coca-Cola Co., $23.1 million Median: $1.88 million Median: +3% The overall pay increase for Georgia execs “came in a year when 13 of the 20 companies saw their net income fall, and 17 saw the price of their stock drop.”
Seattle Times
June 21, 2009
Survey, by Equilar, covers 135 chief executives of publicly traded companies in Washington, Oregon, and Idaho. Total pay includes salary, bonus, new stock and option awards, and benefits and perks. Mark Pigott, Paccar, $13.8 million Median: $1.18 million Median: -6% Kerry Killinger, former CEO of the now-defunct Washington Mutual, took home $18.1 million in 2006 and $14.4 million in 2007. JPMorgan Chase, the current owner of WaMu, has not disclosed Killinger’s 2008 pay.
Crain’s Detroit
Business

June 21, 2009
Survey covers metro Detroit’s 50 top CEOs. Total pay does not include gains from exercising previously awarded options. Median: $762,452 Median: +2.6% Twelve CEOs received cash bonuses, with a $147,000 median value, down 46 percent from 2007.
Dallas
Morning News

June 22, 2009
Study, by Longnecker & Associates, covers executive pay at the 100 largest companies in the Dallas-Fort Worth area. Total pay new stock or option awards, but not gains from previously awarded stock awards. Keith Hutton,
XTO Energy Inc.,
$29.7 million
Median: +9.89%
Average: +12.78%
Average cash incentives for Dallas-Fort Worth executives in 2008 rose 35.45 percent.
Philadelphia
Business Journal

June 26, 2009
Survey, conducted by Strategic Research Solutions, covers 100 top CEOs of publicly traded companies in the Philadelphia area. Not covered: gains realized from the exercise of stock option awards. Robert Toll,
Toll Brothers Inc.,
$48.2 million
Average: $3.56 million Average: -2.2% Toll Brothers, a top U.S. homebuilders, lost $298 million in 2008. A dozen Philly CEOs “took bonuses despite their company losing money last year.”
Business Courier
of Cincinnati

June 26, 2009
Survey covers 38 CEOs of publicly traded companies in the Greater Concinnati area. Not covered: gains realized from the exercise of stock option awards. A.G. Lafley,
Procter & Gamble Co.,
$23.5 million
Median: $1.5 million Median: -8% Twenty-one of Cincinnati’s CEOs lost pay in 2008. Median shareholder return among the local 38 dropped 29 percent.
Arizona
Republic

June 28, 2009
Survey covers 45 CEOs of publicly traded companies in Arizona. Richard Adkerson,
Freeport-McMoRan,
$53.8 million
Median: $985,000 Median: 13.4% The Republic attributes the median rise to the loss of nine lower-paying firms in 2008. Omitting the nine, pay dropped 8 percent. Still, 20 Arizona top execs took in at least $2 million last year, the same as in 2007.
Houston Chronicle
July 25, 2009
Survey, by Longnecker & Associates, covers 639 executives at 125 publicly traded Houston-area companies with 2008 revenues over $285 million. Pay does not include gains from exercising previously granted vstock options. Eugene Isenberg, Nabors Industries, $59.8 million Average for 100 highest-paid executives,
$5.7 million
Average for 100 highest-paid executives,
+0.5%
The top five executives in the survey, all from the energy industry, together took home $173.3 million.
Baltimore Sun
August 9, 2009
Survey covers the 20 firms in metro Baltimore that paid their CEOs at least $1 million. Pay includes the value of new stock grants but not gains realized from exercising options awarded in previous years. Mayo A. Shattuck III, Constellation Energy, $15.7 million Seventeen of the 20 execs saw increases in their compensation in 2008, a year that 17 of these 20 saw their share price fall and half saw losses or falling profits.
Birmingham News
August 9, 2009
Survey covers 20 leading publicly traded companies based in Alabama. Pay includes only salary, bonuses, and perks. Jay Grinney, HealthSouth, $2.4 million in cash, bonus, and perks (but $6.6 million, including stock awards) Average: $1.05 million Average: -10% Just four of the 20 Alabama companies surveyed “managed a positive shareholder return during the period.”
Washington
Business
Journal

August 20, 2009
Survey covers CEOs of publicly traded companies in the D.C. area. Pay includes salary, bonus, perks, and new stock and stock option awards, but not gains from stock awards received in previous years. Robert Stevens, Lockheed Martin, $26.52 million Average, top 10: $14.04 million The top two D.C.-area CEO paychecks went to defense contracting giants. General Dynamics CEO Nicholas Chabraja, number two, took home $21.9 million.
Portland
Business Journal

August 21, 2009
Survey covers execs of publicly traded companies based in Oregon. Pay includes “salary, bonuses, miscellaneous compensation, and the value realized from exercising stock options and grants.” Earl Lewis, CEO,
Flir Systems Inc.,
$30.5 million
Average, 20 highest-paid execs: $6.7 million Average, 20 highest-paid execs: -13% In 2008, 40 Oregon executives took home over $1 million in compensation.
Charlotte
Observer

Sept. 21, 2009
Survey covers 50 top Carolina companies. Pay includes “base salary, bonuses, the value of stock awards, profits from exercising stock options,” and perks. Martin Orlowsky, Lorillard Inc., $15 million Median: $2.9 million Median: +3% The overall Carolina average weekly CEO pay in 2008 , $70,445, nearly doubled the Carolina worker average annual wage.

Economic Sector Pay Reports

Source Methodology Top Pay Median/Avg Increase Worth Noting
Alpha
March 25, 2009
Survey covers the 25 top hedge fund managers. Pay includes “the managers’ shares of their firm’s performance and management fees, as well as gains on their own capital invested in their funds.” James Simons, Renaissance Technologies,$2.5 billion Average, top 25:
$464 million
.
Average, top 25:
down 48%
In 2008, 25 hedge fund managers made at least $75 million. In 2002, the first year the trade journal Alpha started tracking hedge fund earnings, hedge fund managers needed $30 million to make the top 25.
Equilar
May 4, 2009
Survey covers the pay of chief financial officers at over 300 Fortune 500 firms. Pay includes salary, bonuses, stock and stock options awarded in 2008, perks. Median: $2.7 million Median:
-4.0%

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