CEO pay at US cos shrink 6.8 pct in ’08

The average pay of a chief executive at an American company fell by 6.8 per cent in 2008.

The average pay of a chief executive at an American company fell by 6.8 per cent in 2008,as entities made steep cuts in bonuses in the wake of the financial meltdown.

Last year,the average cash bonus payouts for chief executives tumbled by 20.6 per cent,the study by executive compensation research firm Equilar said.

“… median CEO pay fell by 6.8 per cent from 2007 to 2008. Declines in overall compensation levels were principally driven by a steep drop in median cash bonus payouts,which fell by 20.6 per cent over the same period,” Equilar said in a statement.

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The study includes data for 208 S&P 500 CEOs at companies whose financial years ended between June 2008 and January 2009 and whose chief executives held office for at least two fiscals.

S&P 500 CEOs received an average total pay package of USD 8,446,935 last year. In 2007,the median salary stood at USD 9,061,057.

“From 2007 to 2008,median total compensation for S&P 500 CEOs decreased by 6.8 per cent,falling to USD 8,446,935.Aggregate compensation,sum of all compensation for all CEOs,also fell,dropping by 8.9 per cent,” the statement said.

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