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Ten Top-Paid CFOs of 2002
Hance, Anderson, Molinaro, Moloney, Cloninger, Stewart, Page, Chazen, Lannert, Lewent.
CFO.com Staff, CFO.com | US
September 01, 2003

This year's figures are based on a sample of 250 CFOs reported on in the corporate proxy statements of 350 of the largest public companies with revenues over $1 billion that filed proxies between July 30, 2002, and April 4, 2003. The figures do not include "all other compensation" or "other annual compensation." Percentage changes are derived from within the sample only; they are not based on comparisons with data from the surveys of other years.

Ten Top-Paid CFOs of 2002
Executive and Company TDC a
% Change
Base Salary
% Change
Bonus
Payment
TAC b
% Change
Gain on Options Exercised Total Long-Term Incentives c
James H. Hance Jr.,
Bank of America
$12,048,365
152.8%
$1,250,000
7.1%
$10,798,365 d $12,048,365
152.8%
$0 $0
Fred D. Anderson,
Apple Computer
$10,778,800
1,540.5%
$656,631
-0.1%
$0 $656,631
-0.1%
$10,122,169 $10,122,169
Sam. L. Molinaro Jr.,
Bear Stearns
$8,200,000
105.0%
$200,000
0.0%
$8,000,000 e $8,200,000
105.0%
$0 $0
Thomas E. Moloney,
John Hancock
$7,702,271
139.2%
$607,693
17.7%
$539,000 $1,146,693
-3.5%
$0 $6,555,578 f
Kriss Cloninger III,
Aflac
$7,612,180
485.1%
$685,000
12.6%
$1,476,860 $2,161,860
66.2%
$5,450,320 $5,450,320
James G. Stewart,
Cigna
$7,543,509
-51.1%
$724,600
3.2%
$400,000 $1,124,600
-13.6%
$4,018,909 $6,418,909 g
Stephen F. Page,
United Technologies
$7,538,082
N/A h
$668,333
N/A h
$1,250,000 $1,918,333
N/A h
$3,744,749 $5,619,749 i
Stephen I. Chazen,
Occidental Petroleum
$6,550,340
157.7%
$600,000
0.0%
$800,000 $1,400,000
6.1%
$584,594 $5,150,340 j
Robert C. Lannert,
Navistar International
$6,092,900
1,182.7%
$523,750
10.3%
$0 $523,750
10.3%
$5,569,150 $5,569,150
Judy C. Lewent,
Merck
$5,933,584
143.6%
$607,500
7.8%
$585,000 $1,192,500
2.5%
$4,741,084 $4,741,084

  1. Total direct compensation (TDC) equals total annual compensation plus total long-term incentives.
  2. Total annual compensation (TAC) equals base salary plus bonus.
  3. Total long-term incentives equals gains on options exercised plus restricted-stock values plus long-term incentive plan payouts.
  4. Consists of $4,125,000 in cash and $6,673,365 in restricted stock.
  5. Consists of $4,332,500 in cash, $3,027,500 in deferred stock, and $640,000 in deferred stock-option grants.
  6. Consists of $4,586,102 in restricted stock and $1,969,476 in long-term incentive plan payouts.
  7. Includes $2,400,000 in long-term incentive plan payouts.
  8. Page became CFO in September 2002. The previous CFO, David J. FitzPatrick, left to become CFO of Tyco International.
  9. Includes $1,875,000 in restricted stock.
  10. Includes $3,323,314 in restricted stock and $1,242,432 in long-term incentive plan payouts.

Source: Mercer Human Resource Consulting



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