NEW YORK (TheStreet) -- Executive compensation and shareholder returns don't always move in the same direction, and sometimes it's the CEOs who get the short end of the stick.
A study in The Wall Street Journal published Wednesday ranks CEO pay among 300 leading companies against shareholder returns in 2014. Researchers found that CEO pay remained high last year even though more companies had negative shareholder returns.
The study also identifies the 10 CEOs whose compensation was cut the most in 2014. Surprisingly, six of the executives on the list delivered positive returns to investors in 2014.
In 2013, Seagate Technology (STX) CEO brought in $19.8 million in total compensation. In 2014, he received just $2.6 million, an 86.8% cut. However Seagate, a provider of electronic data storage products, returned 31.6% to investors. It also repurchased $1.9 billion of its shares.
Luczo, who has been CEO of Seagate Technology since 2009, received no stock or option awards in 2014, while in 2013 he received $12.9 million and $3.7 million in stocks and options, respectively. His nonequity compensation fell to $1.5 million from $2.2 million the year prior as well, though his salary increased slightly.
Seagate's proxy statement provides insight into what happened in 2014. The CEO received no long-term incentive awards last year, because his 2013 award was intended to serve as the equity incentive award for a period of two fiscal years.
Seagate representatives declined to comment.