As Pay Falls, CEOs Get More Perks
The median value of perks ¿ which is the midpoint at which half of the executives received more and half less ¿ was $170,501 in 2008, up from $159,586 the year before. Only three CEOs in the AP survey received no perks in 2008.
And perks made up a bigger percentage of total compensation, rising to 2.25 percent in 2008, up slightly from 1.95 percent, the AP's analysis found.
The biggest earner of perks in 2008 was Johnson & Johnson CEO William Weldon. His perks package was worth $3.9 million, about 16 percent of his $23 million in overall compensation. Included in his perks package was a $3.6 million payment to a retirement plan, about $154,000 in personal flights on the company jet and about $26,000 for a car and driver.
Only one CEO saw his entire compensation paid in perks in 2008: Richard Fairbank of Capital One Financial Corp. ($68,344). He received a car allowance, insurance, health care and home security.Some companies went beyond that. Cablevision Systems Corp. offered top executives free cable TV, free high-speed Internet service and use of the company travel department to book personal travel. Defense company Halliburton Co., meanwhile, has two separate programs to match charitable donations and yet another that boosts political giving.
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