Cry Me a River
Posted on Apr 4, 2010
Let us stop to collectively mourn a new figure from The New York Times: Chief executives in the United States’ largest publicly traded companies found that their compensation dropped 15 percent in 2009, hitting bourgeois rock bottom at a measly $9.53 million yearly average. —JCL
The drop in compensation was attributed to falling stock and option awards. —JCL
The average compensation for chief executives at the largest publicly traded U.S. companies fell 15 percent last year to $9.53 million, a decline attributable to the falling value of stock and option awards, the New York Times said on Sunday.
Median compensation fell 13 percent to $7.72 million, the second straight yearly decline, driving pay down to a level not seen since 2004.
It comes amid growing concern among the public, Congress, governance advocates and White House pay czar Kenneth Feinberg about the fairness of out-sized pay, especially at companies that received government aid, as the economy emerges unevenly from the worst recession since the 1930s.