"Median CEO pay fell by 6.8% from 2007 to 2008," to an average $8.45 million, at the 208 of the Standard & Poor's 500 companies that have reported so far this Spring, says compensation tracker Equilar Inc. in this report.
Salaries were up: "From 2007 to 2008, the median base salary for S&P 500 CEOs increased by 5.7%, rising from a median of $1,000,000 to $1,057,118."
But bonuses were down: "Median cash bonus (was) $1,473,520, down 20.6% from a median payout of $1,855,989 in 2007," and 1 in 7 CEOs got no bonus at all, down from 1 in 14 the year before... Annual incentive plan payouts – which are most directly linked to corporate performance during the year and typically account for the greatest share of bonus compensation – fell by 19.6% (to) $1,205,931.
Still, bigger stock awards helped make up for that: "The median value of CEO stock awards at S&P 500 companies inched upward by 1.4%, rising from a median of $2,305,200 to a median of $2,336,327... From 2007 to 2008, the value of S&P 500 CEO stock option grants rose by 3.6% to a median of $2,400,037. The median option grant in 2007 was valued at $2,316,099." Three-quarters of CEOs got stock awards; almost as many got options.
Bank pay fell sharply: "For S&P 500 companies in the financial services sector, median CEO compensation fell by 38.3% from 2007 to 2008, tumbling from a median of $10,488,412 to a median of $6,473,194." Less than half of financial CEOs got a bonus last year.
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