The Los Angeles Times writes: After years of steady increases in compensation for chief executives — and steadily growing shareholder dissatisfaction — something different happened last year: CEO pay actually declined.
The Los Angeles Times’ annual survey of executive compensation found that California’s 100 biggest companies paid 10% less, on average, to their top executives in 2007 than they did the year before. Median pay was also down, but more modestly. Nationwide the trend was similar, with CEO pay declining 5.5%, marking its first decrease in at least a decade, according to Mercer, a consulting firm.
Some of the biggest pay cuts were imposed in the troubled housing and mortgage industries, suggesting that company directors were simply letting their CEOs share some of the pain of poor corporate performance. Read more from the LA Times.
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