Some fun facts about CEO pay:
CEOs at companies with the largest layoffs, most underfunded pensions and biggest tax breaks were rewarded with bigger paychecks, according to a new report, “Executive Excess 2003: CEOs Win, Workers and Taxpayers Lose.”
Median CEO pay skyrocketed 44 percent from 2001 to 2002 at the 50 companies with the most announced layoffs in 2001, while overall CEO pay rose only 6 percent. These layoff leaders had median compensation of $5.1 million in 2002, compared with $3.7 million at the 365 large corporations surveyed by Business Week.
At the 30 companies with the greatest shortfall in their employees’ pension funds, CEOs made 59 percent more than the median CEO in Business Week's survey....
...At the 24 Fortune 500 companies with the most subsidiaries in offshore tax havens, median CEO pay over the 2000 to 2002 period was $26.5 million -- 87 percent more than the $14.2 million median three-year pay at firms surveyed by Business Week.
The top layoff leader in terms of layoff numbers is Carly S. Fiorina at Hewlett-Packard. She fired 25,700 workers in 2001, and saw her pay jump 231 percent, from $1.2 million in 2001 to $4.1 million in 2002.
The top layoff leader by percentage pay increase is AOL Time Warner's Gerald M. Levin, who presided over 4,380 layoffs in 2001. Levin's pay increased a staggering 1,612 percent, from $1.2 million in 2001 to $21.2 million in 2002.
The highest paid layoff leader was Tyco's Dennis Kozlowski, who took home over $71 million in 2002, a $34.7 million raise, even though he was forced out in disgrace mid-year. In 2001, Tyco laid off 11,300 workers. The top 50 layoff leaders cut a total of 465,252 jobs in 2001.
This report, by Sarah Anderson, John Cavanagh, Chris Hartman, and Scott Klinger, “ was done for the Institute for Policy Studies and United for a Fair Economy.