Motorola’s Sanjay Jha emerges as America’s top paid CEOApril 3rd, 2009 - 10:12 pm ICT by IANS
By Arun Kumar
Washington, April 3 (IANS) With a $104 million pay packet in 2008, mobile phone maker Motorola’s India-born chief Sanjay Jha has emerged America’s top paid CEO, while Citigroup’s Vikram Pandit tops the league among bailed out banks.
In a survey published Friday by the Wall Street Journal, Pandit is ranked fourth overall with a payout of $38.2 million, while PepsiCo’s Indian American CEO is at the 36th slot with a pay package of $13.98 million.
With his over $104 million package, Jha is the only CEO to get a compensation package exceeding $100 million, with Occidental’s Ray Irani at a distant second with $49.9 million. Irani is followed by Walt Disney’s Robert Iger ($49.7 million) at the third slot.
Among the bailed out banks, Pandit is followed by JP Morgan Chase’s James Dimon ($20.9 million) and Wells Fargo’s John Stumpf ($8.8 million) at the second and third spots, respectively.
Bank of America’s Kenneth Lewis was paid $1.5 million. John Mack of Morgan Stanley got $0.8 million and Lloyd Blankfein of Goldman Sachs received a total compensation of $0.6 million.
The median salaries and bonuses for the chief executives of 200 big US companies fell 8.5 percent to $2.24 million, according to an analysis for the Journal by Hay Group, a management consulting firm. The analysis examined proxy statements for companies with more than $5 billion in annual revenue.
Including the value of stock, stock options and other long-term incentives, total direct compensation for the CEOs dropped 3.4 percent to a median of $7.56 million. The decline was the first in seven years and only the second drop since the Journal began tracking CEO pay in 1989.
While median CEO salaries grew 4.5 percent, bonuses fell 10.9 percent as profits decreased by a median 5.8 percent.
CEO compensation decreased more sharply at banks and brokerages, long the source of some of the biggest paychecks.
Median annual cash compensation for CEOs in the financial industry fell 43 percent, to $976,000. Total direct compensation fell 14.2 percent, to a median $7.6 million.
Tags: arun kumar, bank of america, ceo compensation, ceo salaries, goldman sachs, james dimon, john mack, john stumpf, jp morgan chase, lloyd blankfein, management consulting firm, median salaries, mobile phone maker, morgan stanley, ray irani, robert iger, sanjay jha, term incentives, vikram pandit, wall street journal