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| With stock options tainted, pay packages grow more diverse -- and smaller. |
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CFO Staff,
CFO Magazine
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Top of the Heap
The 20 top-paid CFOs of 2003 demonstrate the growing diversity of pay packages.
| Executive and Company |
Base Salary |
Bonus |
Total Annual Compensation |
Gain on Option Exercise |
Restricted Stock Grant Value |
Total Long-term Incentives |
Total Direct Compensation |
Change from 2002 |
1. Jeffrey O. Henley
Oracle |
$825,000 |
$0 |
$825,000 |
$24,476,662 |
$0 |
$24,476,662 |
$25,301,662 |
2,966.9% |
2. Stephen F. Page
United Technologies |
$750,000 |
$1,250,000 |
$2,000,000 |
$11,103,809 |
$0 |
$11,103,809 |
$13,103,809 |
73.8% |
3. Samuel L. Molinaro Jr.
Bear Stearns |
$200,000 |
$12,295,425 |
$12,495,425 |
$0 |
$0 |
$0 |
$12,495,425 |
52.4% |
4. Stephen I. Chazen
Occidental |
$600,000 |
$900,000 |
$1,500,000 |
$5,170,553 |
$3,240,428 |
$10,080,754 |
$11,580,754 |
76.8% |
5. David Goldfarb
Lehman Brothers |
$450,000 |
$2,550,000 |
$3,000,000 |
$2,502,072 |
$3,571,643 |
$7,951,715 |
$10,915,715 |
NA(1) |
6. Kenneth I. Watchmaker
Reebok |
$620,308 |
$747,441 |
$1,367,749 |
$7,760,673 |
$0 |
$7,760,673 |
$9,128,422 |
408.3% |
7. Dina Dublon
JPMorgan Chase |
$500,000 |
$4,750,000 |
$5,250,000 |
$325,364 |
$2,375,000 |
$2,700,364 |
$7,950,364 |
65.6% |
8. Thomas E. Moloney
John Hancock Financial |
$700,000 |
$1,641,000 |
$2,341,000 |
$0 |
$5,163,647 |
$5,163,647 |
$7,504,647 |
-2.6% |
9. Maureen T. Mullarkey
International Game Technology |
$358,173 |
$893,817 |
$1,251,990 |
$5,177,2998 |
$0 |
$5,177,2998 |
$6,429,228 |
191.0% |
10. Judy C. Lewent
Merck |
$720,000 |
$615,000 |
$1,335,000 |
$5,006,172 |
$0 |
$5,006,172 |
$6,341,172 |
6.9% |
11. Bruce W. Van Saun
Bank of New York |
$542,308 |
$1,648,000 |
$2,190,308 |
0 |
$1,168,500 |
$4,030,068 |
$6,220,376 |
481.1% |
12. Indra K. Nooyi
PepsiCo |
$721,154 |
$1,486,620 |
$2,207,774 |
$3,351,255 |
$0 |
$3,351,255 |
$5,559,029 |
44.7% |
13. W. Thomas Forrester
Progressive |
$472,128 |
$944,255 |
$1,416,383 |
$3,078,952 |
$999,506 |
$4,078,458 |
$5,494,841 |
364.4% |
14. Craig P. Omtvedt
Fortune Brands |
$515,000 |
$405,614 |
$920,614 |
$2,531,713 |
$0 |
$4,208,180 |
$5,128,794 |
3.0% |
15. Peter A. Darbee
PG&E |
$490,000 |
$0* |
$490,000* |
$0 |
$678,269 |
$4,552,386 |
$5,042,386* |
NA* |
16. Perry R. Pero
Northern Trust |
$472,500 |
$0 |
$472,500 |
$2,810,008 |
$228,305 |
$4,505,919 |
$5,978,419 |
40.3% |
17. Robert J. Darretta Jr.
Johnson&Johnson |
$873,077 |
$759,750 |
$1,632,827 |
$2,256,572 |
$0 |
$3,079,772 |
$4,712,599 |
98.9% |
18. David M. Moffett
U.S. Bancorp |
$500,019 |
$750,000 |
$1,250,019 |
$3,341,855 |
$0 |
$3,341,855 |
$4,591,874 |
195.4% |
19. Wayne H. Pace
Time Warner |
$1,000,000 |
$2,700,000 |
$3,700,000 |
$0 |
$813,969 |
$813,969 |
$4,513,969 |
NA (1) |
20. G. Peter D'Aloia
American Standard |
$483,333 |
$350,000 |
$833,333 |
$3,113,453 |
$0 |
$3,603,245 |
$4,436,578 |
339.8% |
Base salary: Base salary earned in the fiscal year.
Short-term incentive: Annual bonus (cash).
Total cash compensation (TCC): Sum of base salary and annual incentive.
Long-term incentive: Includes incentive stock options, nonqualified stock options, phantom stock, restricted stock, SARs, performance units, performance shares, and cash.
Total direct compensation (TDC): Sum of base salary, annual incentive, and long-term incentive.
(1) Not previously reported, because the CFO was new to the five highest-paid offices in 2003.
*No decision has been made with respect to 2003 bonus.
Source: Company proxy data by Mercer Human Resource Consulting
Return to the article "Changing Fortunes: The 2004 Compensation Survey."
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