Big bucks for CEOs in 2008

Big bucks for CEOs in 2008
Posted Aug 14 2009, 10:15 AM by Kim Peterson Rating: Filed under: Oracle, Kim Peterson

The economy tanked in 2008, but that didn't stop executive pay levels from soaring, according to The Corporate Library, a research firm that studies compensation plans.

The Corporate Library has come out with its list of the 10 highest paid chief executives of last year. And some of these folks made off like bandits even as the financial world came crashing down.


The highest paid executive was Stephen Schwarzman of the Blackstone Group (BX). Although Schwarzman's salary on paper was only $175,000, he ended up receiving a total of $702 million. That's because Schwarzman received a massive $4.7 billion equity grant in 2007, and is only now beginning to reap the benefits.

Bing: More about The Blackstone Group

The second spot on the list belongs to Larry Ellison of Oracle (ORCL), who exercised 36 million stock options for a profit of nearly $550 million, according to The Corporate Library.

Meanwhile, Oracle's stock price fell 21% in 2008. And just in case shareholders get a little too angry, Oracle paid $1.4 million for security personnel for Ellison's home last year.

Nearly everyone else on the list is in the oil industry, according to The Corporate Library. Here are the rest of the CEOs:

Ray Irani of Occidental Petroleum (OXY). Total realized compensation: $223 million

John Hess of Hess Corp (HES). Total realized compensation: $160 million

Michael Watford of Ultra Petroleum (UPL). Total realized compensation: $117 million

Aubrey McClendon of Chesapeake Energy (CHK). Total realized compensation: $114 million

Bob Simpson of XTO Energy (XTO). Total realized compensation: $103 million

Mark Papa of EOG Resources (EOG). Total realized compensation: $90 million

Eugene Isenberg of Nabors Industries (NBR). Total realized compensation: $79 million

Michael Jeffries of Abercrombie & Fitch (ANF). Total realized compensation: $72 million