The
Too Much Executive Pay Scorecard
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| This Too Much table compares the various national and regional reports released in 2007 on CEO pay for 2006. For pay reports on CEO compensation in 2007, please check our current top executive pay scorecard. Also available from Too Much: comparisons of the major CEO pay reports released in 2006 and 2005. |
| Source |
Methodology |
Top Pay
Package |
Median/
Average |
Annual increase
|
Worth Noting |
| The
Corporate Library
April 2, 2007 |
A preliminary study that covers 1,048 firms that have filed annual pay figures since September 2006. Tallies “compensation that has actually been received by the CEO” and does not place a value on new stock options awarded during the year. Total pay includes
salary,
bonus,
and profits realized on the exercise of previously granted stock options, among other revenue streams. |
$118.9 million
for Leslie Blodgett, CEO of Bare Escentuals, who cashed out over 5 million option shares in her cosmetics company for a $117.6 million personal profit. |
Median for CEOs at S&P 500 firms: $10,091,309.
Average for
S&P 500 CEOs:
$14,783,144.
Median all CEOs:
$2,034,956.
Average all:
$5,370,785. |
Median for CEOs at S&P firms:
23.78%
Average
S&P 500 CEOs:
104.24%
Median
all CEOs:
9.29%
Average all:
82.95%
|
These annual increases compare this year's preliminary Corporate Library figures to last year's final figures. This year's preliminary study surveyed about twice as many firms as last year's. |
New York Times
April 8, 2007 |
Survey, conducted by Equilar Inc., covers 200 large U.S. companies, as ranked by revenue, that had filed pay figures by March 31. Equilar calculated one set of “total compensation” stats for 150 firms that filed under the new SEC disclosure rules that went into effect December 15, 2006, another for 50 firms that filed for fiscal 2006 under the old rules. Total pay includes salary, bonus, stock options and restricted stock grants made during the year, and perks. Does not include gains from the exercise of stock options or changes in pension value and deferred pay earnings. |
$415.5 million for Occidental Petroleum CEO Ray Irani. To reach this total, the Times added to Irani's $52.1 million in pay, as calculated by Equilar, the $270.1 million Irani cleared from cashing out stock options and the $93.3 million he withdrew from his deferred stock plan. Irani still holds another $124 million in deferred pay. |
Median under new SEC rules:
$10,056,865
Average under new rules:
$12,246,816
Median under old rules: $9,797,705
Average under old rules: $12,887,701 |
Median under new SEC rules:
9.8%
Average under new rules:
7%
Median under old rules: 7%
Average under old rules: 8%
|
Among the CEO rewards not counted in these figures: the $1.5 million in average gain in deferred pay and pension value for the CEOs at firms that filed under the new SEC rules. These execs hold, on average, $7.3 million in deferred pay accounts and pension lump sums worth $9.4 million. |
Wall Street Journal
April 9, 2007 |
Survey, conducted by Mercer Human Resource Consulting, covers 350 companies, all with revenues over $1 billion, that filed pay figures by April 3, 2007. “Total direct compensation” for CEOs at these firms includes salary, bonus, stock options and restricted stock grants made during the year, and other incentives. This total does not include gains from the exercise of previously awarded options. The Journal also calculated, for firms that filed pay reports after new SEC disclosure regs went into effect, a “total compensation” figure that includes changes in pension value and deferred pay earnings. |
$54.8 million for Goldman Sachs CEO Lloyd Blankfein |
Total direct compensation median:
$6,548,805
Total compensation median:
$8.2 million |
8.9% |
Not included in these medians: stock option gains. Some 185 CEOs on the Journal list pocketed a median $3.3 million in 2006 cashing out options gained in previous years. Note: The Journal has individual CEO updates available for pay filings after April 3. |
Equilar
April 12, 2007 |
Survey covers “194 S&P 500 chief executives in place for at least two years" at companies that filed pay data under the new SEC disclosure rules. Total compensation includes salary, bonus, non-equity incentive plan payouts, stock awards, option awards, and other compensation. Does not include gains from exercised options. |
|
Median:
$8,512,509 |
Median:
6% |
Over 85 percent of CEOs in the Equilar sample have deferred pay plans, with a median balance of $3.7 million. |
USA Today
April 16, 2007 |
Survey, conducted by Salary.com, covers 150 companies with fiscal years that ended on or after December 15, 2006. Total compensation includes salary, bonus, perks, and a “fair value, on grant date, of stock and option awards made during the year.” Does not include gains from the exercise of previously awarded options. |
$52.1 million for Occidental Petroleum CEO Ray Irani. |
|
|
Nearly half the CEOs on the USA Today list, 70 top executives in all, took home at least $10 million. |
Bloomberg
April 22, 2007 |
Survey, conducted by Bloomberg analyst Graef Crystal, uses data from Equilar and Salary.com. Crystal examined 206 companies worth at least $3 billion that had the same CEO in 2005 and 2006. Total pay includes salary, bonus, the value of stock options received during 2006, the value of share grants received, "the company's estimate for the present value of future payouts under performance-based long-term incentive plans," and miscellaneous compensation. |
|
|
9% median rise |
Study finds "hardly any correlation between the size of a CEO's raise in 2006 and the company's shareholder return." Knowing a firm's return can help an analyst "account for only 6 percent of the variation in pay raises." |
Forbes
May 3, 2007 |
Survey, conducted with Salary.com, examines CEO pay at the 500 biggest U.S. companies. Total pay includes salary, bonus, and perks as well as vested stock gains and cash raised exercising stock options. Forbes does not include the value of new stock option grants awarded during the year. |
$647 million for Apple CEO Steve Jobs |
Average:
$15.2 million |
Average:
38% |
Eight CEOs on the Forbes list made over $100 million in 2006. The top 20 averaged $145 million. |
Associated Press
June 9, 2007 |
Survey, conducted with pay consultants Pearl Meyer and Mercer HR Consulting, covers the 386 S&P 500 companies whose fiscal year ended after December 15 that reported, by June 1, under the new SEC pay disclosure rules. Pay includes "salaries, bonuses, perks, above-
market interest on pay that is set aside for later and what companies estimated the present value to be of restricted stock and options awards on the day they were granted last year." Does not include gains from exercising previously awarded options. |
$71.7 million for Yahoo CEO Terry Semel |
Median: $8.3 million |
|
In a separate list, the AP has ranked the 10 CEOs with the most gains in 2006 from cashing out stock options awarded in earlier years. At the top: Occidental CEO Ray Irani with $270.2 million, followed by Fidelity National CEO William Foley with $154.1 million and Dell CEO Michael Dell with $149.5 million. |
Salary.com
November 29, 2007 |
Survey covers salary at 2,237 enterprises. |
|
Median CEO salary at small busineses (under 500 employees):
$233,500.
Median at enterprises over 5,000 employees:
$849,375 |
|
. |
Regional
Executive Pay Reports |
Source |
Methodology |
Top Pay
Package |
Median/
Average |
Annual increase |
Worth Noting |
Pacific Business News
April 15, 2005 |
Survey covers CEOs at 10 publicly held companies based in Hawaii. Pay does not include exercised stock options. |
$3.4 million for Bank of Hawaii CEO Allan Landon, a 58% jump over his 2005 pay |
Average: $1.53 million |
Average: 53% |
Maui Land & Pineapple Co. lost $383,000 in 2006, but CEO David Cole saw his base pay rise to $450,000 from $93,750, on top of $690,000 in payments “from a long-term performance plan.” |
Milwaukee Journal Sentinel
April 28, 2007 |
Survey, conducted by Equilar Inc., covers 28 CEOs of Wisconsin companies that filed 2006 pay data under the new SEC disclosure rules and 23 from companies that filed 2006 data before the new SEC rules went into effect. |
$22.4 million for Johnson Controls CEO John Barth
|
|
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Just over half the CEOs surveyed, 26, took home over $1.8 million in 2006. |
Pittsburgh Post-Gazette
May 13, 2007 |
Survey tallies the top 50 executive income-earners of local publicly traded companies. Pay includes “salaries, bonuses, the value of stock awards, and other compensation,” but not the personal profits cleared from exercising stock options. |
$20.4 million for Mellon Financial CEO Robert Kelly |
Average:
$6.7 million |
|
Dick's Sporting Goods CEO Edward Stack will receive $156.8 million if he loses his job in a takeover. Stack made $5.8 million last year and collected another $9.5 million cashing out options. |
Palm Beach Post
May 13, 2007 |
Survey covers the pay of 127 executives at major area companies. Pay includes option awards and gains. |
$15.2 million for BE Aerospace CEO Amin Khoury |
Average:
$1.35 million
Median:
$500,000 |
Average:
12%
Median:
15% |
Number two on the Palm Beach list: Office Depot CEO Steve Odland, at $11.7 million. |
Chicago Sun-Times
May 14, 2007 |
Survey, compiled by Equilar, covers 23 major Illinois companies. Pay does not include gains from the exercise of stock options. |
$60.7 million for AT&T CEO Edward Whitacre Jr. |
Average:
$12.5 million |
|
Allstate CEO Edward Liddy pocketed $24 million for the year, as the insurance giant recovered fully from Katrina. |
Minneapolis Star
Tribune
May 21, 2007
|
Survey covers Minnesota's 100 highest-paid CEOs. Pay includes salary, bonus, perks, profits from exercising stock options, and the value of vesting restricted stock. |
$127 million for UnitedHealth CEO William McGuire |
Median:
$1.37 million |
Median:
Down 23% |
Median CEO salary and bonuses increased in 2006, but fewer execs cashed out option gains. |
Bergen (N.J.) Record
May 28, 2007 |
Survey covered executives at 46 North Jersey companies. |
$46.1 million for Sol Barer, CEO of Celgene Corp. Top pay for all execs in North Jersey, not just CEOs: $209 million for Vornado Realty President Michael Fascitelli, with $204 million of that from the exercise of stock options. |
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Vornado Realty President Michael Fascitelli wasn't the only big winner in the Northern Jersey executive pay sweepstakes last year. Company CEO Steven Roth took home $28.9 million, the third-highest pay package for North Jersey CEOs. |
Crain’s Detroit Business
May 28, 2007
|
Survey, compiled by Salary.com, covers public and private company CEOs in metro Detroit. Pay includes salary, bonuses, and benefits. |
$21.8 million for TRW Automotive Holdings CEO John Plant |
Median:
$1.4 million |
|
|
Indianapolis Star
June 3, 2007 |
Survey, conducted by Equilar, covers CEO pay at 25 publicly traded Indiana corporations. Pay does not include profits from the exercise of previously awarded stock options. |
$14.5 million for Larry Glasscock, CEO of health insurer WellPoint |
Average:
$2.4 million |
|
Five of the seven highest-paid executives in Indiana last year came out of the health care industry. |
Arizona Republic
June 3, 2007 |
Survey covers executive pay packages at 57 publicly traded Arizona companies. Pay includes “option exercises along with salaries, bonuses, changes in executive pension values and various perks.” |
$32.6 million for Todd Nelson, CEO of the Apollo Group, a profit-making collection of higher education institutions |
Median:
$1.09 million |
Median:
Down 2% |
The highest-paid Arizona exec last year would have been Freeport-McMoRan's James Moffee had the copper company, currently based in Arizona, been based in the state last year. Moffee took home $64.2 million in 2006. |
San Jose Mercury News
June 9, 2007 |
Survey analysis, by Equilar, covers the pay of 702 executives at the 133 largest Silicon Valley companies based on revenue, based on filings through April 30. Pay does not include the proceeds from stock options exercised during the year. |
$29.4 million for Oracle CEO Larry Ellison (among companies that filed before the new SEC rules went into effect December 15). Ellison also cleared $63.1 million exercising options.
$71.7 million for Yahoo CEO Terry Semel (among companies filing after December 15). Semel also cleared $19 million exercising options. |
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Silicon Valley firms are handing major shares of the stock options they grant to top executives. In 2006, 32.5 percent of the options granted at Sun Microsystems and 19.3 percent at Oracle went to the top five company execs. Oracle CEO Larry Ellison, who already holds $17.8 billion worth of company stock, collected 8.7 percent of all new options Oracle awarded last year. |
Buffalo News
June 10, 2007 |
Survey covers 55 top executives in the Buffalo Niagara region of New York. Pay “includes the profits that executives actually reaped by cashing in their options, while subtracting the current value of new stock option grants for executives whose firms reported compensation figures under the new SEC standard.” |
$10.9 million for M&T Bank CEO Robert Sadler (among companies that filed before the new SEC disclosure rules went into effect December 15)
$8.6 million for National Fuel Gas CEO Philip Ackerman (among companies filing after December 15) |
Median: $773,740 |
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Average workers in the Buffalo area saw their weekly wages drop $11 in 2006, after adjusting for inflation. Area executives saw their 2006 pay rise 40 percent over 2004 levels.. |
Los Angeles Times
June 10, 2007 |
Survey, compiled by Salary.com, covers California's 100 largest publicly traded companies. Pay includes salary, bonus, perks, and the value of stock and options received during the year. Pay does not includes gains from exercising stock options. |
$60.5 million for Oracle CEO Larry Ellison (among companies that filed before the new SEC disclosure rules went into effect December 15)
$55.6 million for Occidental Petroleum CEO Ray Irani (among companies filing after December 15), not counting the $270 million Irani collected from exercising stock options and $94 million in cashed-in deferred pay. |
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The typical California top-100 CEO pulled in total pay that equaled 2 percent of total company earnings. At 14 major California companies, CEO pay amounted to 5 percent or more of net corporate earnings. |
Seattle Times
June 24, 2007 |
Survey, compiled by Equilar, covers 113 Northwest firms that filed 2006 pay data after the new SEC rules went into effect December 15. Among the major Northwest companies not in these figures: Costco, Microsoft, and Starbucks. Pay includes salary, bonuses, cash incentive plan payouts, new stock and option award grants, and perks. Not included: gains from exercising stock options. |
$18.1 million for Washington Mutual CEO Kerry Killinger |
Median:
$1.1 million |
Median:
17%
|
Over half the 20 best-paid CEOs “who were in place for both 2005 and 2006 made at least $4.7 million, a 28 percent increase from the year before.” |
Orlando Sun-Sentinel
June 25, 2007
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Survey, compiled with Salary.com, covers 90 Central Florida companies. Pay includes “salary, bonus, value of stock awards and other forms of compensation for the highest-paid executive (and sometimes the second-highest-paid executive) at each company.” |
$131 million for Robert Nardelli, the Home Depot CEO forced out in January |
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A third of the top-earning 25 CEOs “received hikes ranging from 150 percent to nearly 400 percent.” |
Houston Chronicle
June 26, 2007 |
Survey, compiled by Longnecker & Associates, a compensation consulting firm, covers Houston's 100 highest-paid executives. Pay does not include gains from exercising stock options. |
$29.5 million for Eugene Isenberg, CEO of oil and gas driller Nabors Industries |
Average:
$6.2 million
|
Average:
Down 10% |
Nabors CEO Isenberg could receive as much as $525 million if his company gets bought up and he gets “retired.” |
Baltimore Sun
July 8, 2007 |
Survey, compiled by Salary.com, covers Maryland-based companies that paid their CEOs at least $1 million last year. Pay does not include gains from exercising stock options. |
$20.1 million for Constellation Energy CEO Mayo Shattuck III |
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Overall, 52 CEOs took home over $1 million. Choice Hotels CEO Charles A. Ledsinger Jr. "could receive an exit package worth $14.3 million" if fired. |
Raleigh News & Observer
August 5, 2007 |
Survey covers 110 senior executives at 24 publicly traded businesses with headquarters in North Carolina's Triangle region. Pay does not include gains on exercised stock options. |
$8.7 million for Frank Plastina, CEO of Tekelec, a phone-gear maker |
|
Average base salary: up 9.5% |
Average 2006 worker wage in the Triangle “rose 4.9 percent to $42,328.” Largest gain on exercised stock options in 2006: $18.9 million for Stephen Zelnak, CEO of Martin Marietta Materials. |
Philadelphia Inquirer
December 10, 2007 |
Survey, compiled by Equilar, covers companies with a major presence in the Philly metro area. Pay includes “salary, bonus and other compensation, as well as options and stock granted, regardless of when the executive might be able to exercise them.” |
$27.5 million for Comcast CEO Brian L. Roberts
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Robert I. Toll, the top exec at homebuilder Toll Bros., took home $23.4 million, despite the nation's escalating housing crisis. |
Charlotte Observer
December 16, 2007 |
Survey, compiled by Equilar, covers 50 of the Carolinas' largest public companies, based on revenue. Pay includes salary, bonus, stock awards, perks, and profits from exercising stock options. |
$97 million for Bank of America CEO Ken Lewis
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Average nearly $7 million |
Average total pay up over 60% |
If Bank of America's Ken Lewis, the company's CEO since 2001, “were to lose his job after a change in control such as a merger, his total payout could reach $136.9 million.” |
Sectoral
Executive Pay Reports |
Industry/
Source |
Methodology |
Top Pay
Package |
Median/
Average |
Annual increase |
Worth noting |
Hedge Funds/
Institutional Investor Alpha magazine
April 24, 2007 |
Alpha has, over recent years, compiled lists of the hedge fund industry's top earners. This year's inaugural Alpha Hedge Fund Compensation Report expanded that effort and "surveyed more than 800 people at nearly 600 firms in 30 countries." Survey covered CEOs as well as portfolio managers and investment analysts. The hedge fund industry pay structure often hands these "investment professionals" greater rewards than CEOs. |
CEO of a U.S.
hedge fund:
$15.6 million
Top earnings in the hedge fund industry overall:
$1.7 billion for James Simons, Renaissance Technologies
|
Median for U.S. hedge fund CEOs:
$2 million.
Average for U.S. hedge fund CEOs: $7.9 million
Average earnings for hedge fund industry's top 25 income-earners:
$570 million |
NA
36%
|
The minimum earnings needed to make the Alpha hedge fund industry Top 25 in 2006: $240 million. In 2005, the Top 25 rankings started at $130 million. |
Hedge and Private Equity Fund Managers/
Forbes
May 3, 2007 |
This year, for the first time, Forbes has chosen to calculate the total personal earnings of the 20 top Wall Street private equity and hedge fund managers. |
$1.5 billion for James Simons, Renaissance Technologies |
$658 million |
|
Wall Street's top 20 fund managers, notes Forbes, averaged over four times the $145 million average pay of America's top 20 corporate CEOs. |
Auto Industry/
Detroit
Free Press
May 6, 2007 |
Suvey, conducted by Equilar Inc., covers 80 executives at 14 publicly traded auto industry companies.
Pay includes “salary, bonus, incentives, the fair market value of stock and options granted in the year and other compensation, such as use of corporate aircraft and company vehicles.” |
$39.1 million for Ford CEO Alan Mulally, a sum that includes an $18.5-million bonus for leaving Boeing to join Ford. |
Average for all execs in survey:
$4.2 million
Median
CEO pay:
$7.1 million |
Average for all execs in survey:
22% |
Ford had six executives in the industry's top 15, despite record 2006 losses of $12.6 billion. |
Chief Financial Officers/
Financial Week
May 28, 2007 |
Suvey, conducted by Equilar Inc., covers CFOs at S&P 500 companies. |
|
Median:
$2.6 million |
Median pay down 36.1 percent over last two years. |
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Conference Board
December 31, 2007
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Survey ranks CEO pay by economic sector. Total pay figures include “annualized salary, bonus, non-equity incentive compensation, the reported grant date present value of options, the value of stock awards, the change in pension value and earnings on non-qualified deferred compensation, and all other compensation.” |
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Median pay by sector
Utilities, $3.9 million
Food and tobacco, $3.8 million
Insurance, $3.1 million
Construction, $3.1 million
Commodity,
$2.9 million
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Median total compensation for the financial services sector ranks only 22nd, but the financial services sector incudes both commercial bank CEOs and the CEOs on non-banking financial services. The latter, if considered separately, would rank “among the top five industry medians.” |
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