Ellison's 2009 pay package of CEO compensation data of $84.5 million was virtually unchanged from his 2008 pay, and was still far and away the largest pay package among CEOs of firms with at least $6.3 billion in revenues, according to executive compensation consulting firm Equilar.
Ellison's 2009 compensation was $50 million more than the second-place CEO, Boston Scientific's Ray Elliott.
The timing of the Equilar CEO compensation data tables, first reported by the
New York Times
on Sunday, could have been better for Boston Scientific's Elliott. The medical device company is still
fighting through the recall of its defibrillator product line and potential losses that are being estimated as high as $500 million by Street analysts.
Elliott may soon have to pledge away his compensation package if Boston Scientific doesn't quickly recover from the defibrillator disaster.
While Boston Scientific CEO Elliott tries to bring the medical device company back from a share price trough,
CEO Ray Irani
had no such problem in 2009.
Irani led CEOs in the Top Ten with an increase of 39% in his 2009 compensation. Occidental Petroleum's share value increased by 38% in 2009 and the value of Irani's annual stock awards increased from $15.7 million in 2008 to $24.7 million in 2009.
Of course, there are many CEOs who refuse stock-loaded pay packages every year, too -- such as market success stories like
Steve Jobs and
Warren Buffett, both again at the bottom of the compensation list in 2009.
And while Boston Scientific CEO Elliott may be facing calls for a return of his pay from angered Boston Scientific investors, former
Bank of America
CEO Ken Lewis and
Vikram Pandit were at the bottom of the compensation list as they swore off big pay in 2009 as part of placating the populist rage against their bailed-out banks.
Citigroup's Pandit went from more than $37 million in stock and options awards in 2008 to his much-talked-about salary of $1 in 2009.
There was also a whole lot of food among the lowest paid corporate CEOs. The top executives of
Whole Foods Market
Publix Super Markets
were all within the top 10 lowest paid CEOs in 2009.
A quick review of the Equilar CEO compensation days shows that (no surprise) lots of middle-aged to older white men at the top of the corporate pay totem pole.
There is often talk about a glass ceiling for female executives. Where does the highest-paid female CEO rank in the Equilar data?
Twenty-seventh on the list of the highest-paid executives was as high as a female executive could reach in 2009. Tobacco giant
CEO Susan Ivey
earned $16.2 million, an 84% increase from 2008.
Patricia Woertz, CEO of
Archer Daniels Midland
, was in 34th place with a 2009 pay package of $14.7 million, a slight decrease from 2008. In 40th place was
Indra Nooyi, with 2009 pay of $14.2 million, also slightly down from the previous year.
There were a total of 7 female CEOs among the 200 CEOs covered in the Equilar data.
The only African-American among the top 50 pay packages was
CEO Kenneth Chenault, in 24th place with 2009 pay of $16.6 million, down 40% from his 2008 pay package.
The next highest-paid African-American CEO after Chenault was
Clarence Otis, in 120th place, with 2009 compensation of $6.7 million.
Even if female CEOs were not dominating the list, Reynolds American CEO Susan Ivey's 84% increase pay was good enough for 5th place among CEOs who saw their pay go up in 2009. And while most female CEOs spent another year looking up at a male-heavy list, Bank of America's former CEO Ken Lewis and Citigroup's Pandit could only look up at the pay package of
CEO John Stumpf
Stumpf's 2009 pay of $18.8 million was an increase of 107% over 2008, the second-best spike on the Equilar list.
The only CEO to see his pay increase on a percentage basis more than the Wells Fargo CEO in 2009 was
CEO Parker Kennedy. Kennedy's bonus of more than $1.3 million was more than his total compensation package in 2008.
Reynolds American shareholders couldn't complain about the 40% increase in shareholder value in 2009, nor could Wells Fargo shareholders -- like Warren Buffett -- complain about the 237% rise in Wells Fargo profits in 2009, even as share value slipped 7%.
The Wells Fargo profit jump of 237% was by far the largest for companies of CEOs saw their pay increase by at least 30% in 2009.
The only other CEO who watched his company's share value increase by more than 200% in 2009 was
CEO Peter Lynch, whose pay package of $4.6 million represented a 58% increase over 2008. The Winn-Dixie CEO went from $0 in stocks and options in 2008 to more than $1.7 million in stocks and options grants in 2009.
Only two CEOs saw their companies shareholder value increase by more than 300% in 2009:
Trevor Fetter and
Ford Motor Company's
Mulally's pay was up by 6% in 2009, with his stock awards increasing in value from $4.5 million to $10.9 million. Tenet Healthcare's Fetter had a pay package 4% below his 2008 pay. Fetter's bonus was twice as large as his 2008 bonus, but more than $2 million in 2008 stock awards were nowhere to be found in 2009 as the stock roared back from a floor.
For some CEOs, increases in 2009 profits and shareholder value in 2009 were still not good enough to generate an increase in their own annual pay.
, No. 8 overall on the list of best-paid CEOs, watched his pay package decline by 13% in 2009, to $21.9 million. Meanwhile, Abbott profits increased by 21% and shareholder value by 4%.
While the Abbott CEO's stock awards increased from $7.5 million to $12.5 million, White's option awards decreased from close to $11 million in 2008 to $3 million in 2009.
Some CEO pay packages suffered alongside poor stock performance, as opposed to defying it.
Among the top 10 most highly paid CEOs in America,
Procter & Gamble's
former CEO Alan Lafley and
CEO Robert Iger
both received less pay in 2009, as profits and shareholder value decreased at both companies.
In fact, Disney and Procter & Gamble were the only two companies among the ten companies with the highest-paid CEOs to decline in both profit and share value last year.
Disney's Iger saw his pay decrease by 58% in 2009, as profits slipped 25% and share value by 9%. Iger's stock and option awards declined from more than $34 million in 2008 to less than $10 million in 2009. Iger's bonus also decreased from just short of $14 million in 2008, to under $9.3 million in 2009.
At Procter & Gamble, Lafley's bonus was down by more than $1 million in 2009 and his total pay package down by 8%, as P&G profits slipped 6% and share value by 13%.
-- Reported by Eric Rosenbaum in New York.
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