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Executive Pay: A Special Report - A Brighter Spotlight, Yet the Pay Rises [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-06-08 08:44 AM
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Executive Pay: A Special Report - A Brighter Spotlight, Yet the Pay Rises
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Source: New York Times

Soaring oil prices, not stellar strategy, brought huge profits to many oil companies last year, yet Ray R. Irani, chief of Occidental Petroleum, saw his compensation rise 21 percent, to $33.6 million making him the sixth-highest-paid executive in the group of 200 in the survey.

Conversely, the aftermath of the subprime mortgage debacle wreaked havoc at Merrill Lynch, causing the ouster of E. Stanley O’Neal last fall. It is too soon to know whether John A. Thain, who now has the top spot, can restore Merrill’s former glory. But thanks in large part to a hefty sign-on bonus, he was the highest-paid executive in the survey, with a compensation package that totaled almost $83.8 million.

<snip>

In many cases, the answer would be “not much.” According to Equilar, the chiefs of the 10 largest financial services firms in the survey were awarded a combined total of $320 million last year, even though the firms reported mortgage-related losses that totaled $55 billion and that wiped out more than $200 billion in shareholder value.

<snip>

A group of investors, led by the American Federation of State, County and Municipal Employees, is asking companies to limit or bar “gross-ups,” in which companies pay the taxes the C.E.O.’s incur from their pay packages.

<snip>

The Corporate Library has just released data showing that 20 percent of chief executives received a tax gross-up on part of their income in 2006. The median gross-up amount was just $13,000, but the concept — that any corporate chief should receive tax assistance on top of multimillion-dollar payouts — stuck in shareholders’ craws.


Read more: http://www.nytimes.com/2008/04/06/business/06comp.html?...



there's also a great interactive link

http://www.nytimes.com/interactive/2008/04/05/business/...

where you can see the compensation for most of the corps that are listed on the stock exchange
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